CoinMarketCap recently announced that most of the exchanges on its website provided all the mandatory data required to join the CoinMarketCap initiative called Data Accountability and Transparency Alliance (DATA).
The program was created with the idea of promoting total transparency on trading data and on the order book of the exchanges.
More than 70% of exchanges have joined DATA
CoinMarketCap has stated that 70.3 % of all currently listed exchanges have met the requirements. They will continue to be included in the CoinMarketCap calculations for the stated volume-weighted average price.
The list includes all the most important exchanges including Binance, Bittrex, OKEx, Huobi and Bitfinex.
More accurate, timely and unbiased information will allow website users to draw more informed conclusions from CoinMarketCap’s data, specified the company in a note.
Carylyne Chan, head of marketing at CoinMarketCap, said:
“The new and detailed criteria for listings will provide clear and concrete guidelines for everyone looking to be listed on CoinMarketCap. We want to be as exhaustive as possible, eventually listing every qualifying project and exchange on CoinMarketCap”.
From May 1st, the exchanges, currently on the website, have had 45 days to respond and send all the information requested.
“We are highly encouraged after seeing strong support for our DATA initiative so far. With these submitted data points, we aim to provide more meaningful analyses and metrics for our users”.
New internal policies
CoinMarketCap also aims to strengthen the previously poorly controlled listing requirements. Factors such as trading volume, community interest, team, market adaptation and impact, uniqueness and longevity of the project will be assessed.
CoinMarketCap has also unveiled a new category called “untracked listing“. Projects or exchanges that have not yet met the minimum requirements may appear under this section and will be removed only after joining the CoinMarketCap DATA program.
The company is also supporting the transparency of its internal strategies by publishing its delisting policy for the first time.
Some of the main reasons for delisting include low liquidity, suspicious trading activities, cessation of activities or illegal activities.