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CoinMarketcap Introduces New Features For Greater Transparency

04 May 2019

Ushering in its sixth birthday, CoinMarketcap is bringing about some radical changes in its website. For a while, now the website has been on the receiving end of various accusations pertaining to listing exchanges which are known for fake trade volumes, pumping shit coins, inhouse corruption, among others.However, a post put forward by the website says, everything is all set to change. The post said that to continue being listed, exchanges will have to provide live trading data and live order book data. It said, “Any exchange that does not provide this mandatory data to us via a new or updated summary endpoint will be excluded from all price and adjusted volume calculations on the site.” It further added that there will be a 45-day grace period for all exchanges to send this new endpoint, and changes will go into effect on June 14, 2019.CoinMarketcap will be adding new criteria in an effort to enhance transparency for users. It stated, “For phase 2, we are planning to grow the types of data available for analysis and enable filtering to allow deeper analyses and views into the exchanges’ operations.” This would include, Exchange hot/cold wallet addresses; Live market-pair trading status (example “status” field); Live wallet status (example “can_deposit” and “can_withdraw” fields); Historical trade data (example).Apart from that exchanges would also have to fill in self-reporting channels on the website to provide more information about their projects.CoinMarketcap has been under fire several times before for peddling unethical information. In February this year, a redditor Bitbaby11111 had said, “Seriously, WTF is going on with CMC? They have been asked multiple times to remove FATBTC from Quant markets as its definitely fake vol, but they refuse to. We have to shame CMC cause the only reason I can see is they are receiving kickbacks from exchanges like these.”Earlier Crypto-News India had done a piece on CoinmarketCap allegedly manipulating coins and trading volume. At the time, we had reported that CMC does not list coins instantly. Several coin creators claimed that an inordinate time would pass between them filling out an application form to list their coins and when the coin would finally show up on the website. This in turn showed that people running the website have first-hand information on which coin would pump and go on a ‘shopping spree’ to make sure the coin lists on the front page, thereby manipulating the public sentiment.Liked what you read? Join us on Telegram

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