Huobi’s VP criticizes CoinMarketCap’s new ranking system

Huobi’s VP criticizes CoinMarketCap’s new ranking system
  • Per Ciara Sun, Huobi has a larger trading volume than Binance.
  • She claims CoinMarketCap’s new ranking system, which uses a site’s traffic favours Binance.
  • Binance’s numerous acquisitions in the crypto space have sparked fears of a monopoly.

Ciara Sun, the vice president of major crypto exchange Huobi has poured scorn on CoinMarketCap for changing its ranking system of exchanges. According to Sun, changing the ranking system has favored Binance and put other exchanges at a disadvantage. She made these claims via a tweet on May 15, noting that Huobi has a significantly larger trading volume compared to Binance. However, CoinMarketCap’s new ranking system does not reflect any of this information, according to Sun.

Sun’s tweet read,

“Funny that CoinMarketCap ranks exchanges without considering % of total coin market cap managed by exchanges. This is data that you can’t fake.”

Huobi has a larger trading volume than Binance

Backing her claims, Sun provided detailed data on the trading volumes of different exchanges. The data revealed that Huobi witnessed £1.21 billion in deposit volume during the first 10 days of March. On the other hand, Binance had a lower volume of £761.2 million within the same period.

Apart from this, Huobi also handled 213,066, which is 70% of all withdrawals between March 1 and March 10. Binance came in second having processed 44,699 withdrawals within the same time frame. The number of users making deposits on Huobi also exceeded all other exchanges. The exchange had 284,494 users that made deposits, while Binance only had 88,588.

Per Sun, CoinMarketCap’s new ranking system overlooked these metrics and instead deemed it fit to use traffic and unique visits to the various exchanges. As such, Binance won the top position hands down.

This news comes after Binance recently acquired CoinMarketCap. Due to this, a crypto enthusiast replied to Sun quipping that the unfair rankings might be because Binance now owns the crypto data website.

Crypto community fears Binance might be trying to monopolize the industry

For the past couple of years, Binance has been making moves that have left the crypto community thinking it aims to monopolize the industry. These moves include the acquisition of blockchain firm and crypto exchanges such as India-based WazirX. Apart from the numerous acquisitions, the exchange also launched a mining pool recently.

Do you think CoinMarketCap’s new ranking of exchanges is accurate? Share your thoughts in the comment section below.

By Jinia Shawdagor
Jinia Shawdagor is a fintech writer based in Sweden. She is passionate about cryptocurrency, blockchain and iGaming, and has been writing professionally since 2013. Jinia loves everything positive, travelling and feels joy from the little things in life.
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