70% of Crypto Exchanges Have Complied With CoinMarketCap’s Transparency Initiative

According to data provided by CoinMarketCap, most of the listed exchanges have complied with its voluntary transparency-boosting data requests. The data was released as the first part of the site’s Data Accountability & Transparency Alliance (DATA) initiative, that aims at pushing for stricter disclosures, including order booking and live trading data.

Carylyne Chan, global head of marketing at CoinMarketCap, said in a statement:

“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!”

The initiative asked the currently listed cryptocurrency exchanges to respond and submit the required information within 45 days, with the deadline starting on the 1st of May. After the assimilation of data, the company confirmed that 70.3% of all listed exchanges have met the expected requirements, and thus qualify to stay included in CoinMarketCap’s calculations of volume-weighted average price and adjusted trading volume.

Chan added:

“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, and empower them with information to do their research even more effectively.”

Exchanges that failed to submit the data are currently being shown below those who did, but their rankings will be restored on a rolling basis upon submission of the requested data.

Besides making the listing requirements more rigorous, CoinMarketCap is also planning to unveil an “untracked listing” category, so that even the projects that don’t meet the minimum standards for tracking market data can still be visible on the website.

The company is also pushing for transparency through its internal strategies and has published its delisting policy for the first time. According to the statement, some of the most notable causes for delisting include “low liquidity or suspicious trading activity, cessation of business, and misleading or deceptive initial applications that were later found out as unlawful activity.”

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