Following controversy about fake volumes on CoinMarketCap, the service will require exchanges to provide mandatory API data.
CoinMarketCap, a major source of data about all traded digital currencies, has made a series of announcements to celebrate its sixth birthday today.
As such, CMC has announced a brand new alliance called the Data Accountability & Transparency Alliance (DATA) in order to provide “greater transparency, accountability, and disclosure from projects in the crypto space.”
A broad number of exchanges have already joined the new alliance, including Binance, Bittrex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, KuCoin, HitBTC and Bitfinex, with more partners expected in the future, the announcement states.
As a part of its transparency initiative, CoinMarketCap will also now require all the crypto exchanges to provide mandatory API data that includes their live trading data and live order book data. Stressing that the condition will be mandatory, CMC wrote that any exchange that does not provide this mandatory data will be not be included in the price and adjusted volume calculations on the site.
The exchanges now have a 45-day grace period to send the required data, while changes will come into effect on June 14, 2019, CoinMarketCap noted.
Apart from the DATA alliance announcement, CMC also introduced new features such as CoinMarketCap Block Explorers, CoinMarketCap Shop, API Revised Plans and CoinMarketCap Mobile Apps.
The new announcement 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. Following the analysis, CMC officially announced plans to rearrange the rankings of member exchanges.