The controversy surrounding Binance <a href="https://blog.coinmarketcap.com/2020/04/02/binance-and-coinmarketcap-announce-acquisition-to-collectively-make-cryptocurrency-more-accessible-for-everyone/">acquisition</a> of CoinMarketCap continues to trend.  The website which is the leading ranking platform made a host of changes to the current algorithm which really hit a few of the players hard.  Binance is being accused of getting favoured by CoinMarketCap after it <a href="https://coinmarketcap.com/rankings/exchanges/" target="_blank" rel="noopener">maintained </a>its number 1 spot even after the new ranking system. The position these firms hold is extremely important for their reputation so they're not willing to let it go. Now, Binance CEO CZ has decided to let in a little secret.

He posted a tweet to clarify some air around their way of working. Binance CEO stated that while exchanges count 1 BTC trade as 2 (1 buy and 1 sell)  Binance categorize it as just 1. In other words, this suggests that Binance while holding the number 1 spot, actually reports half of the trading volume as the rest.
<blockquote class="twitter-tweet">
Will share a little secret, and address this once and for all.
Most crypto exchanges report 1 BTC trade as 2 BTC in volume (1 buy &amp; 1 sell), <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw">@Binance</a> reports it as 1 BTC volume. Effectively, Binance only reports half compared to other crypto exchanges.

Why do we do this?

1/2 <a href="https://t.co/ttK2covy7D">https://t.co/ttK2covy7D</a>

— CZ Binance ??? (@cz_binance) <a href="https://twitter.com/cz_binance/status/1269979452944994305?ref_src=twsrc%5Etfw">June 8, 2020</a></blockquote>
<h2>Binance CEO Shares The Volume Secret </h2>
He cited two reasons as to why that has been the case. Firstly, according to him, this is just the natural way for the traditional exchanges. When CZ started his company in 2017, this method was adopted and to this day they've decided to stick to it.  The second reason is rather peculiar as Binance CEO thinks they chose to this way to not appear as big as they actually are in the game and so they hide their volume.

Although Binance CEO coming out in public to address this evening indirectly might help, other exchanges would continue to fire shots at Binance. Binance acquired CoinMarketCap around two months ago and ever since then there have been questions marks raised that this might leads to centralization as Binance's influence in the crypto space continues to grow and grow. The continuous stay at the top spot would only add more fuel to the fire.

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Binance CEO Reveals Shocking Details About Its Volume

The Binance CEO took to twitter to let it a secret or two about Binance volume amidst being accused of washing trades by other exchanges.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Binance CEO Reveals Shocking Details About Its Volume

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