Cryptocurrency data provider, CoinMarketCap, has announced that over 70% of their listed crypto exchanges are compliant with its transparency-boosting mandatory data requests, as part of their Data Accountability & Transparency Alliance (DATA) initiative.
Carylyne Chan, global head marketing of CoinMarketCap says that “the new and detailed criteria for listings will provide clear and concrete guidelines for everyone looking to be listed on CoinMarketCap.”
But the project is far from over, Chan adds that they want their list to be as exhaustive as possible by listing every qualified exchange in CoinMarketCap. In fact, the result is just the first phase of the DATA initiative.
The DATA initiative pushes for stricter disclosures in live trading and order book data. CoinMarketCap aims to provide useful information for its site users through the project. The firm is also happy that over 70% of currently listed exchanges have complied with their requested data and requirements.
“We are highly encouraged after seeing strong support for our DATA initiative so far,” said Chan. “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.”
Each crypto exchange was given 45 days to respond and submit the necessary data, and those who did are forever included in CoinMarketCap’s volume-weighted average price and trading volume calculations.
Crypto exchange firms who did not respond are also listed, but they are placed in the lower ranks. These firms can still improve their rankings by submitting the necessary information.
CoinMarketCap also set aside an “untracked listing” category to show firms that have submitted incomplete documents and requirements. These firms can also move into the “tracked listing” category when they comply with all the necessary documents.
CoinMarketCap also has a delisting policy. To keep up with good practices and standards, CoinMarketCap will delist crypto exchanges that are found to have suspicious trading activities, misleading and deceptive applications, and unlawful activity, among others.
So what’s next? CoinMarketCap is preparing to have its first DATA roundtable with partners by mid-July. They are also set to confirm the second phase of data collection for the DATA initiative in that period.
Email: 
