Crypto market data provider CoinMarketCap (CMC) will remove exchanges from its calculations if they do not provide mandatory API data that includes their live trading data and live order book data. CMC underlined that exchange that fail to provide this data will not be included in the price and adjusted volume calculations on the site.
CMC has announced its transparency initiative, called the Data Accountability & Transparency Alliance (DATA) in order to provide “greater transparency, accountability, and disclosure from projects in the crypto space.” A number of exchanges have already joined the CMC’ alliance, including Binance, OKEx, Bittrex, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, KuCoin, HitBTC and Bitfinex, with more partners expected in the future, the announcement states.
Changes will come into effect on June 14, 2019, and exchanges have a 45-day grace period to send the required data, CoinMarketCap noted.
The transparency initiative comes on the heels of the 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.