Seven in 10 cryptocurrency exchanges have complied with CoinMarketCap’s transparency initiative, CoinDesk writes. The first phase of the crypto data provider’s initiative called Data Accountability & Transparency Alliance (DATA) has just ended. Exchanges had 45 days, starting on May 1, to introduce stricter disclosures. Thanks to the new, more accurate data, CoinMarketCap users will be able to make more informed decisions when making trades.
According to Carylyne Chan, global head of marketing at CoinMarketCap, the new criteria provided by CoinMarketCap offer “clear and concrete guidelines” for those companies wishing to be listed in its ranking. Those that managed to comply will still be included in the company’s “calculations of volume-weighted average price and adjusted trading volume.”
“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.”
Those who failed to submit required information will be listed below exchanges complying with CoinMarketCap guidelines. Should they choose to update the data, they will be restored to their positions.