Cryptocurrency market intelligence platform CoinMarketCap has announced a new Data Accountability & Transparency Alliance (DATA) to enable greater transparency, accountability, and disclosure from businesses in the crypto space. DATA places strict compliance demands on exchanges, failing which they will be excluded from calculations on the site.
More than 12 leading cryptocurrency exchanges are already part of DATA. These include names such as Binance, Bittrex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, KuCoin, HitBTC and Bitfinex, among others. The announcement came in its sixth-anniversary blog post.
In phase 1 of the transparency initiative, exchanges will be expected to provide ongoing live trade data and order book data through APIs. In phase 2, exchanges are expected to provide more enhanced data and metrics to CoinMarketCap. You can read more about it here.
The cryptocurrency exchanges have a 45-day grace period to send in the data, before the initiative takes full effect from June 14th, 2019. In addition, the platform has launched features such as CoinMarketCap Block Explorers, CoinMarketCap Shop, Updates to CoinMarketCap API Pricing and CoinMarketCap Mobile Apps.
The transparency initiative comes as exchanges have been accused of inflating their numbers to show their business in good health and attract more investors to their platform.
(Image Credit: CoinMarketCap Blog)