CryptoCompare Announces New Exchange Benchmark Tool
World’s major cryptoasset data provider CryptoCompare has announced revised exchange rankings. According to the announcement, the firm also launched a new Exchange Benchmark tool. The tool bases its rankings on several components; including the team behind the exchanges, the quality of their markets, their geographical location, legal status, and data provision.
Moreover, the Exchange Benchmark update improves the digital assets data provider’s tool, launched back in June 2019. Among the revisions are a greater number of cryptocurrency exchanges that are ranked - as it now ranks 160 active exchanges globally, instead of 100.
In addition, the tool was initially developed in response to growing concerns over wash trading and incentivized trading schemes; employed by exchanges to inflate their volumes and gain ranks on popular listing firms. The new exchange ranks are set to bring greater transparency to the market. This allows users to make informed decisions.
In the document Charles Hayter, co-founder and CEO of CryptoCompare, commented:
‘Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.’
Binance Does Not Feature Among the Top Ten Exchanges
As per the updated rankings announced on Tuesday, November 19, the top ten crypto exchanges are Gemini, Paxos’ itBit, Coinbase, Kraken, Bitstamp, Liquid, OKEx, Poloniex, bitFlyer and Bitfinex, in that particular order. However, the data shows that the world’s largest crypto exchange by traded volumes, Binance, is not on the list of top 10.
In conclusion, back in June, CryptoCompare’s exchange rankings placed Binance as position 8. The latest updates rank it at 12th. When asked about the drop from the top 10, Charles Hayter said:
‘Our new Benchmark includes a category for recent hacks for which we penalize exchanges. As Binance was recently hacked, it is marked down in the security category.’
About The Author
Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.
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