CoinMarketCap Clamp Down On Bogus Exchanges

CoinMarketCap Clamp Down On Bogus Exchanges

The go-to source for cryptocurrency price valuation will now require exchanges to provide necessary paperwork if they want to be a factor in their value calculations.

The move from Coinmarketcap, who is celebrating its 6th birthday this week, is their attempt at a fight back against claims made by cryptocurrency index, Bitwise Asset Management of inaccurate data. Earlier this month, research they released revealed that a massive 95% of the information provided by unregulated exchanges would either be fake or irrelevant for investors.

Before these latest updates by Coinmarketcap, they could easily slip into their metrics and affect the overall market projection. In reaction this, they have created what is known as the Data Accountability & Transparency Alliance (DATA), which exchanges will have to adhere to if they want their calculations to be included.

This move will now see them only accepting information provided from exchanges that have completed a verification procedure to ensure they filter out any untrustworthy sources and allow that the data provided to be more accurate than ever before. Stating that DATA will ensure “greater transparency, accountability, and disclosure from projects in the crypto space.”

The information that will need to be required includes all API Data, including live trading and order book data. Many big-name exchanges have already signed up to be part of this new initiative, including Binance, Bittrex, and Bitfinex, with many more expected to get involved before long.

Those who have not already signed up now have 6 weeks to provide the necessary information, with the cut-off point being June 14th 2019.

Recently Similar News

cex-promotion exmo-promotion

Latest Guides

Latest News

CoinEx,Investment,Margin Trading,Promotion

CoinEx Offer 30-Day Interest-Free Borrow Of First Margin Trade

After the reveal of three separate promotions this time last week, CoinEX are back again with a brand-new promotion that allows users to borrow their first trade free of charge for 30 days. Now in its second month of existence, CoinEx’s margin trading service has been quite a hit amongst users and with new updates […]

17 August, 2019
Exchange Platforms,Exmo,Investment,Listings

Exmo Announce Details of ROOBEE Listing

In 10 days, Exmo will be offering the latest token on their platform for trading, ROOBEE. In anticipation of this, they have released important details for traders who are looking to take advantage of the new listing early on. What is most unique about this latest listing is that it will coincide with the listing […]

17 August, 2019

Coinbase Becomes World’s Largest Crypto Custodian

Following the acquisition of Xapo, a bitcoin wallet and cold storage location, Coinbase Custody is now the world’s largest crypto custodian. After the completion of the deal, Coinbase Custody officially surpassed $7 billion in assets, which saw them reach the highest volume of assets in the business. Officially making them the most popular choice for […]

16 August, 2019
Bitcoin,Exmo,Updates,Withdrawals

Exmo Have Reduced Their BTC Withdrawal Limit By 5x

EXMO has made new changes to the minimum withdrawals of bitcoin from their platform. The platform informed users on Tuesday, 13th August, that the limit would come into immediate effect. With the new limit for withdrawals being set at 0.002 BTC, which sees a decrease by 5 times. Users have been told to consider this […]

15 August, 2019
De Fi,Decentralised,Exchange Platforms,Trading

Ethfinex To Rebrand as De-Fi

Ethfinex has announced that it is set to close down its existing operations in order to rebrand itself under the title, De-fi. The news was announced via a blog post where it described the plan as its “biggest milestone yet.” The aim of the rebrand is to move towards a more decentralised exchange platform. Feeling […]

15 August, 2019
CoinEx,Exchange Platforms,Options Trading,Updates

A Quick-Look at CoinEX’s New Options Trading Service

Monday saw the launch of CoinEx’s new options trading service. We took a look at what it promises users of the service. Following the launch of their accelerator programs, futures trading and margin trading on their platform, CoinEx latest new options trading service is the latest in the line of new products from the platform. But, […]

14 August, 2019
CEX,Listings,Tokens

CEX.io Announces Listing of Two Ontology Project Tokens

CEX.io have confirmed that new tokens will be available for trading on their platform, ONT and ONG, both of which are part of the Ontology Project, a public blockchain protocol with high performance. While part of the same project, the two coins are unique in their purpose and function. ONG operates as a utility token […]

14 August, 2019
Exchange Platforms,KuCoin,Listings,Tokens

KuCoin Reveal New Listing, Enecuum (ENQ)

KuCoin has released news of their second new listing in a week, Enecuum. Following the listing of the security firm Fortnoxer’s token last week, KuCoin has followed it up directly with the release of Enecuum for trading on their platform. While Enecum may have had a lower profile than its predecessor, following a private sale […]

13 August, 2019