On Its Sixth Birthday, CoinMarketCap Mandates Exchanges To Provide API Data
CoinMarketCap (CMC), a major source of data about all traded digital currencies, celebrates it sixth-anniversary with a series of announcements in its blog post on May 1. Including warning exchanges that they fail to provide mandatory data by June, they will be removed from its calculations.
The Crypto market cap tracker incorporated a brand new alliance called the Data Accountability & Transparency Alliance (DATA) on its sixth birthday, that will provide “greater transparency, accountability, and disclosure from projects in the crypto space.”
As per the announcement, a number of exchanges have already joined the new alliance, including Binance, OKEx, Bittrex, Liquid, Huobi, IDEX, UpBit, Gate.io, OceanEX, KuCoin, HitBTC, and Bitfinex. More partners are expected in the future.
In part with its transparency initiative, from now onwards CMC will require all the crypto exchanges to provide mandatory API data, including their live trading data and live order book data. The platform stressed that these requirements are more or less mandatory as any exchange that does not provide the said data will not be included in the price and adjusted volume calculations on the site, as stated by the announcement.
Further, CoinMarketCap has given exchanges a 45-day grace period to send the required data, as the changes will come into effect on June 14, 2019. Notably, the new announcement is purportedly stemmed from a recently sparked controversy around CMC’s volume statistics. On March 20, crypto index fund provider Bitwise Asset Management released research claiming that 95% of the volume on unregulated exchanges is likely to be fake or non-economic in nature.
Following the analysis, CMC officially announced plans to rearrange the rankings of member exchanges. Among other announcements, the platform introduced several new features such as CoinMarketCap Block Explorers, CoinMarketCap Shop, API Revised Plans, and CoinMarketCap Mobile Apps.
Image Source – CoinMarketCap.Com