70% of cryptocurrency exchanges will fight fake volumes with CoinMarketCap – FXStreet

  • The service has published the details of the first part of the project.
  • Non-compliant exchanges will be in a disadvantage.

The ‘world’s leading cryptocurrency research and analytical service CoinMarketCap revealed the details of its initiative known as Data Accountability & Transparency Alliance (DATA). It is focused on gathering and providing credible information and statistical data about cryptocurrency trading.

“The DATA Alliance Phase 1 is now live! We are encouraged after seeing such strong support from many exchanges!  Transparency and accountability are vital to the crypto space! Next up, phase 2! To join CoinMarketCap’s DATA Alliance,” their Twitter announcement says.

Thus, according to the report, over 70% of cryptocurrency exchanges listed with the portal joined DATA initiative and supplied CoinMarketCap with the relevant information about their trading activity and provided access to their real-time order books via API. Platforms that failed to meet the requirements will be shown below the compliant exchanges.

Apart from that, the service will expand the listing requirements y adding more measurements and parameters that will e applied to the exchanges. These measures will include, among others, trading volumes review, popularity, information about the team. Those companies that do not meet all the requirements will be shown in a separate category.

Also, CoinMarketCap revealed its delisting policy. An exchange may be excluded from the listing due to low liquidity, suspicious trading activity, termination, misleading statements, or illegal activity.

Currently, CoinMarketCap is getting ready for the first round table meeting with its alliance partners. The meeting will take place in the middle of July.