CoinMarketCap Adopts Stricter Data Sharing Policies For Exchanges

CoinMarketCap (CMC) has announced that it will no longer be entertaining exchanges, who fail to share mandatory data with the crypto market cap tracker. Writing in their sixth anniversary blog post on May 1, CMC has mentioned that they’ll be removing exchanges if they fail to comply with these rules.

It’s a new transparency initiative that the platform is undertaking, and as part of this new drive, CMC will require all the crypto exchanges to provide mandatory API data that includes their live trading data and live order book data.

Celebrating their sixth birthday today, CMC has also made a series of other important announcements. They have declared a new alliance called the Data Accountability & Transparency Alliance (DATA) in order to provide “greater transparency, accountability, and disclosure from projects in the crypto space.”

This alliance has already witnessed the support of some star exchanges like Binance, Bittrex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, KuCoin, HitBTC and Bitfinex. CMC expects more partners to get on board in the future.

CMC has emphasized on how serious they are about this new policy. They have written that any exchange that fails to comply with this new data sharing policy, will be not be included in the price and adjusted volume calculations on the site.

Of late, a controversy has been stirring regarding CMC’s volume statistics. Ever since Bitwise Asset Management released a research report claiming that 95% of the volume on unregulated exchanges is likely to be fake or non-economic in nature, CMC has been under the media spotlight for playing a part in this.

Post the release of the report, CMC made public their plans to rearrange the rankings of member exchanges. From the date of announcing, the exchanges have a 45-day grace period to send the required data. CMC has reported that changes will come into effect on June 14, 2019, CoinMarketCap noted.