CoinMarketCap To Remove All Exchanges If They Don’t File Mandatory Data

CoinMarketCap, the well-known crypto market cap tracker, will reportedly remove all of the exchange from its calculation if they don’t file the mandatory data until June. The firm announced in their sixth-anniversary blog post which are about to read more in the latest cryptocurrency news today.

According to the blog post published earlier today, CoinMarketCap made a series of announcements for the celebration of its sixth birthday. For that reason, the crypto market cap tracker announced a new alliance named the Data Accountability and Transparency Alliance in order to provide improved transparency and ‘’ disclosure from projects in the crypto space.’’

A huge number of exchanges have already joined the new alliance initiated by CoinMarketCap including Binance, OKEx, Huobi, Bittrex, UpBit, IDEX, Gate.io, HitBTC and KuCoin. As a part of the transparency initiative, the crypto market cap tracker will require from all of the exchanges to file with the mandatory API data that includes live trading data and live order book data. The CMC stressed it is a mandatory condition and they say that exchanges who won’t follow the instructions will be deleted from the calculations on the website.

All of the exchanges previously named, now have a 45-day grace period to file the required data to CoinMarketCap while all of the changes will come into effect this year on June 14, according to the CMC instructions.

Apart from the DATA alliance announcement, the CMC also revealed new features such as the Block Explorers, CoinMarketCap Shop, API revised plans and CMC Mobile apps. While the news about the controversies hovering around the volume statistics of CMC which were previously headlined in the best cryptocurrency news sites, they don’t seem to have a huge effect for the crypto users and investors. The crypto index fund provider Bitwise Asset Management released research earlier saying that about 95% of the volumes of all unregulated exchanges are much likely faked.

Despite the controversies, CoinMarketCap announced new plans to rearrange the rankings of the exchanges that are members on the platform. Also, the CMC platform previously announced a crypto app that will prompt users to sign up for an account on the app in order to save their portfolios and/or watchlists. The company also said that it plans to allow app accounts to be directly synced with the website at some point in the future.