OKEx Exec Calls Binance's CoinMarketCap Ranking 'Shameless'

OKEx Exec Calls Binance’s CoinMarketCap Rating ‘Shameless’

OkEx chief technique officer, Alysa Xu, referred to as out crypto information web site CoinMarketCap, or CMC, for its current change rating rationale, proclaiming the platform lifeless. 

“Equity and justice are the idea of all rankings,” Xu mentioned in a Might 15 submit on Chinese language microblogging web site Weibo. “CMC is lifeless, and we mourn collectively tonight.”

CoinMarketCap just lately modified its rating metrics

Binance just lately rose to the highest of CMC’s crypto change rankings after the info web site modified the rationale by which it composed its checklist. CMC now reveals exchanges ranked so as of internet visitors, as a substitute of liquidity or quantity. Binance acquired CMC about six weeks in the past, paying a number of hundred million {dollars} for the platform. 

In November 2019, Carylyne Chan, CMC’s chief technique officer and appearing CEO on the time, mentioned she didn’t approve of rating exchanges based mostly on internet visitors. 

Binance CEO, Changpeng Zhao, talked about the up to date metric in a Might 14 tweet, explaining:

This rating is presently closely biased in the direction of internet visitors, not 100% correct, however higher than earlier than. Will proceed to iterate.”

Xu says different change metrics take precedence 

As a part of her assertion towards CMC’s current adjustments, Xu labeled safety, “custody of tons of of billions of consumer belongings,” and vital duty as precedence relating to change rankings. Liquidity comes because the second most essential facet, together with transaction scale. She additionally talked about buyer expertise, companies, and the platforms themselves, in numerous capacities. 

“Within the period of cell web in 2020, rating with internet parameters the checklist is both ignorant or shameless,” Xu mentioned of CMC’s new format.

Cointelegraph reached out to OKEx and Binance for remark, however acquired no response as of press time. This text will likely be up to date accordingly upon receipt of a response.