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OKEx Executive calls Binances CoinMarketCap ranking “shameful”

May 16, 2020

Alysa Xu, OkEx Chief Strategy Officer, spoke about the crypto data site CoinMarketCap (CMC).for the recent classification of exchanges proclaiming the platform dead.

“Justice and fairness are the basis of all rankings,” said Xu in a May 15 post on the Chinese microblogging site Weibo. “CMC is dead and we’re mourning together tonight.”

CoinMarketCap has recently changed its ranking parameters

Binance recently rose to the top of CMC’s cryptocurrency exchange rankings after the data website changed the reasons for its listing. CMC now shows exchange Ranking of web traffic and not liquidity or volume. Binance acquired CMC about six weeks ago and paid several hundred million dollars for the platform.

OKEx Executive calls Binances CoinMarketCap ranking “shameful”
OKEx Executive calls Binances CoinMarketCap ranking “shameful”

In November 2019 was Carylyne Chan, chief strategy officer and incumbent CEO of CMC at the time, said she had not approved the stock market ranking based on web traffic.

Changpeng Zhao, CEO of Binance, mentioned the updated metric in a Tweet May 14, explains:

This ranking is currently very biased towards web traffic. It is not 100% accurate, but it is better than before. It will continue to iterate. “

According to Xu, other exchange metrics take precedence

As part of his statement against the recent CMC changes, Xu cited security, “safeguarding hundreds of billions of user assets” and substantial liability as a priority when it comes to exchanging rankings.. In addition to the volume of transactions, liquidity is the second most important aspect. He also mentioned the experience of customers, services and platforms themselves in various functions.

“In the age of the mobile internet in 2020, classification according to web parameters is either ignorant or shameless.”Xu said about the new CMC format.

Cointelegraph contacted OKEx and Binance for comment, but received no response until the time of publication. This article will be updated accordingly if a response is received.

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