Copy link
Increase text size
Decrease text size
Link copied

CryptoCompare drops Binance out of its Exchange Benchmark; Hacking incident cited behind the decision

CryptoCompare’s new Exchange Benchmark data has Gemini leading the pack, while Binance fell out of grace due to the hacking incident that occurred in May.

Image: CryptoCompare Facebook Page

Thu, 21 Nov 2019, 05:33 am UTC

CryptoCompare, the London-based crypto data and indices provider, has now updated its cryptocurrency Exchange Benchmark. And notably absent from the top 10 list is Binance, the second biggest crypto exchange by liquidity volume, according to data provided by CoinMarketCap.

When CryptoCompare launched its services back in June, Binance ranked 7th among the list of the index provider, with Coinbase leading the pack. Now, everything has been shuffled, with Coinbase falling to third place and Gemini – which was ranked 8th during CryptoCompare’s launching – is currently wearing the crown, per the provider’s data.

From top to bottom, the 10 leading crypto exchange globally are Gemini, Paxos’ itBit, Coinbase, Kraken, Bitstamp, Liquid, OKEx, Poloniex, bitFlyer, and Bitfinex. Jeanine Hightower-Sellitto, Managing Director of Operations at Gemini, boasts that their services have always valued security and is thrilled that their efforts are being recognized.

Hacking incident still hurting Binance

“Security has been a key Gemini pillar since inception and protecting our customers’ cryptocurrency is a priority as we build the future of money. Our institutional and retail investors need a secure marketplace to buy, sell, and store their cryptocurrency, and we are pleased to be recognized for providing that to the industry,” Hightower-Sellitto said.

Meanwhile, co-founder and CEO of CryptoCompare Chris Hayter said that the reason behind Binance falling out of the top 10 list was due to a new category being added to the Benchmark. The category in question is a hacking metric that penalizes exchanges that suffered a hacking incident recently, The Block reported.

New categories added for measuring crypto exchange ranking

Since Binance took a hit in May that saw attackers pilfering 7,000 Bitcoins (BTC) – valued $45 million at the time – the Exchange Benchmark gave Binance a lower score. Aside from the hacking metrics, CryptoCompare has also added “exchange security protocols and adherence to international standards and a Negative Reports category which covers events such as flash crashes, customer information leaks, and unusual liquidation events.”

CryptoCompare’s data has been a valuable asset for crypto investors as it helps them identify which crypto exchanges are trustworthy and which ones need to update their security protocols. CoinMarketCap also launched a new metric of its own recently that measures the liquidity volume of crypto exchanges in a bid to put a stop to companies trying to inflate their trading volumes to rank higher.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,148.71 (-1.77%)
  • Ethereum (ETH) $143.24 (-1.13%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $207.54 (-2.09%)
  • Litecoin (LTC) $43.69 (-1.53%)
  • Bitcoin (BTC) $7,148.71 (-1.77%)
Dec 14, 2019 (Saturday)
05:44
Darknet marketplace Hydra launching an ICO on Dec.16 to fund its global expansion
Dec 13, 2019 (Friday)
12:50
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:49
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:25
Crypto Technicals: BCH/USD edges above 5-DMA, near-term upside likely on break above 20-DMA (211.74)
11:24
Terra launches stablecoin-powered payments service in Mongolia
10:37
Crypto Technicals: Ripple (XRP) edges higher from session lows at 0.2154, 'Hammer' at lows raises scope for minor gains
10:22
Korean cybersecurity firm partners with R3 for digital asset management and MPC technology
08:55
SEC charges Shopin’ founder with orchestrating ICO fraud; Accused deactivates social media, Telegram account
08:55
Crypto exchange Kraken looking for operations director to helm ‘special-purpose depository institution’
07:49
Twitter looks to blockchain to decentralize social media
07:03
Crypto Technicals: LTC/USD flashes signs of recovery, 'Dragonfly Doji' and 'Bullish Divergence' could support minor upside
06:22
ING bank developing custody project for digital assets: Report
06:18
Basel Committee on Banking Supervision mulls designing global prudential standard for crypto-assets
05:28
Franklin Templeton leads blockchain-based social impact platform’s funding round
04:58
Crypto Technicals: BTC/USD breaks above 50H MA, 'Bullish Divergence' could support further gains
04:44
TokenSoft submits transfer agent filing to the SEC; Decision to arrive in 30 days
04:33
Crypto Technicals: ETH/USD recovery lacks traction, upside capped at 5-DMA
04:33
Glencore joins Responsible Sourcing Blockchain Network for tracing cobalt
03:24
Grant Thornton releases second report on Cryptopia liquidation; Pulls back nearly $5M from various sources
03:23
Chainalysis launches compliance solution for Bitfinex amidst class-action lawsuit
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft