CoinMarketCap, a leading crypto chart website has announced that most of the crypto exchanges listed on the website have complied with its new initiative of delivering transparency to the crypto market.
According to CMC, its Data Accountability and Transparency Alliance is tailored towards the consumers themselves and provides clear indications on how the exchanges handle their business modules and how the trading volumes actually look like on a day-to-day basis.
The declassified information will provide traders yet another tool to predict price movements going forward. It was not only a move to improve the market quality, but also to garner much more attention from the investors.
The website requested specific information from the listed companies starting May 1st. According to the website, a little more than 70% of all listed entities have complied with the “regulation” and provided relative data to be displayed on the platform.
The deadline was for 45 days, meaning that the information was due on Friday last week.
The website also added that the exchanges that didn’t comply with the request are not going to be taken out of the list. They will simply be listed much lower when compared to others, which is quite a large hit when considering how competitive the market is starting to become.
CMC will start its methods of laconic listing once again, which calculates the trading volume and project usefulness of a crypto exchange and ranks them accordingly.
Despite the fact that most visitors go to CoinMarketCap for crypto price insight, the website is starting to see even more potential of recommending crypto exchanges to its users.