Leading digital currency market tracker, CoinMarketCap (CMC) celebrated its sixth anniversary yesterday on 1 May with a blog post that included several announcements. The most important of them all was, in fact, an ultimatum issued for cryptocurrency exchanges to submit compulsory API data within a 45-day window. If the exchanges fail to comply with CMC’s requirements, they will be eliminated from the site’s comprehensive list of major crypto exchanges.
Background of the Ultimatum
CMC’s somewhat harsh ultimatum has come in the wake of a controversy that had brought its analytical procedure under question recently. The crypto index fund provider (for the uninitiated, it is sort of a mutual fund for the crypto world where newbies can passively invest in cryptocurrencies to reap long term benefits), Bitwise Asset Management submitted a report to the United States Securities Exchange Commission (SEC) suggesting that almost 95% of unregulated exchanges may be depicting false and non-economic data.
After this, CMC decided to re-evaluate the rankings of the exchanges listed on its website to make sure it remains a transparent and reliable source of information for the crypto community.
The API data that CMC has now mandated must include an exchange’s live trading and order book data. The adjusted stats will go live on the CMC website after the completion of the 45-day relaxation window on 14 June.
In sync with its new mission of transparency and reliability, CMC has also launched the Data Accountability and Transparency Alliance (DATA) which is expected to be joined by major market players in the coming weeks. Some of the exchanges that have already hopped on the bandwagon are IDEX, KuCoin, Binance, Liquid, Bittrex, HitBTC, and Huobi among others.
The blog post also gave insights into some of the brand new features that CMC is planning to launch soon, like the CoinMarketCap Shop, Mobile Apps, Block Explorers, and API Revised Plans.