70% Of Exchanges Comply With CoinMarketCap’s Transparency Initiative

As recent reports indicate, crypto data provider CoinMarketCap says that exchanges listed on it will have to comply with its transparency-boosting mandatory data requests, as most listed exchanges had already done.

This puts an end to the first phase of the site’s Data Accountability & Transparency Alliance (DATA) initiative, which pushes for stricter disclosures, which include live trading and order book data.

Carylyne Chan, the global head of marketing at CoinMarketCap said,

“The new and detailed criteria for listings will provide clear and concrete guidelines for everyone looking to be listed on CoinMarketCap… We want to be as exhaustive as possible, eventually listing every qualifying project and exchange on CoinMarketCap!”

Cryptocurrency exchanges which are still listed have been given 45 days to respond and submit the queried information beginning on May 1. The company has confirmed that over the last weekend almost 70.3 percent of all currently listed exchanges have fulfilled the expected requirements, and will thus find their place in CoinMarketCap’s calculations of volume-weighted average price and adjusted trading volume. Chan also said,

“We are highly encouraged after seeing strong support for our DATA initiative so far… With these submitted data points, we aim to provide more meaningful analyses and metrics for our users, and empower them with information to do their own research even more effectively.”

Exchanges which have failed to submit the required information will be listed below those that have done so on the rankings. The company also has plans of elaborating on their “previously laconic listing requirements,” by expanding the set of measures that are used by them to evaluate projects and exchanges, including factors like trading volume, community interest, traction, team, product-market fit, impact, uniqueness and time in market.

The company has also initiated a delisting policy, and clarified in a statement that the main causes for delisting will be “low liquidity or suspicious trading activity, cessation of business, and misleading or deceptive initial applications that were later found out unlawful activity.”