Tanya Abrosimova
Independent Analyst
- CryptoCompare kicks Binance from the top-ten.
- The company says that trading volumes are often manipulated.
The analytical service CryptoCompare has updated its rating of exchanges and moved Binance from the top-ten.
Binance is the largest cryptocurrency exchange by trading volume, but it is only 1st in the updated rating from CryptoCompare.
The top ten includes the trading platforms Gemini, itBit, Coinbase, Kraken, Bitstamp, Liquid, OKEx, Poloniex, bitFlyer and Bitfinex.
The assessment system takes into account legal aspects, data transparency, security, the presence of negative reviews about the platform, the effectiveness of monitoring trading activity, etc. д. However, the CryptoCompare rating does not include metrics related to trading volumes as these figures are often manipulated.
In the previous version of the rating, Binance took the 8th place. “Our new benchmark includes a category that takes into account recent hacker attacks. Since Binance was recently hacked, this affected the security component,” the head of CryptoCompare, Charles Hayter explained in the interview with the Block.
Representatives of the company emphasized that only 8% of exchanges use custody solutions for reliable storage of assets and only 4% of exchanges ensure funds in case of hacking. In this context, Bitstamp, itBit, Coinone and Gemini have competitive advantages.
Earlier, CryptoCompare analysts came to the conclusion that most of the trading volume falls on bitcoin exchanges with a low reliability rating.
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