Crypto Comapre which is a London-based crypto data provider has recently updates its crypto Exchange Benchmark and has removed Binance exchange from the list of top 10 exchanges from the crypto list. The second largest exchange as per the daily trading volume is not the part of Crypto Comapre’s list as the ranking is not reliant on aggregate volume data in its analysis, the firm mentioned all this in a press release to Cointelegraph on November 19, 2019. The top 10 exchanges which are the part of top 10 crypto exchanges in Crypto Comapre’s second exchange benchmark are as follows Gemini, Paxos’ itBit, Coinbase, Kraken, Bitstamp, Liquid, OKEx, Poloniex, bitFlyer and Bitfinex.
Binance stands on the seventh position in the first Exchange Benchmark
The first exchange benchmark of Crypto Compare’s was released in the mid june of 2019 with the aim of ranking top 100 crypto exchanges worldwide. Presently as per the analysis of this benchmark, Binance exchange ranks on seventh position , where as, Gemini, the leading exchange got entry in the exchange benchmark, followed by Binance in eighth place. Coinbase which is a United States-based exchange led this list. call on Binance support Phone number which is functional all the time for assistance.
Reason behind removal of Binance exchange
In the may month, Binance experienced hacking error which was the reason behind the removal of the exchange by Crypto Compare. Now, Binance exchange ranked on 12th position on Crypto Comapre’s list. The co-founder and CEO of Crypto Comapre, charles hayter told industry news outlet that the drop of exchange in CryptoComapre list is because of security concerns because of the hacking activity happened in May.
He said, in new benchmark category there’s a recent exchanges which penalized a few exchanges. As Binance was hacked this year leading to its marked down in the security category.
On May 7, the exchange experienced a security counterfeit and hackers stole more than 7,000 bitcoin (BTC) worth around $42 million at the time of hack. The exchange noted that it is going to use its emergence insurance fraud along with secure asset fund for users to cope up with this incident.
Addition of 60 new spot exchanges
In a press release, the London-based data provider said that the new rankings had added over 160 active spot exchanges. In its Q3 2019 exchange benchmark report, it was found that around 8% of analyzed exchanges use a custody provider to keep assets and only 4% exchanges offer 1/3rd insurance in the event of a hack.
The company also talked about the acceleration in margin trading offerings since June, noticed that exchanges offer trading for 62% of total volume which was b 52% in June. As per the reports, London-based provider introduced its Exchange benchmark in an effort to study claiming that over 95% of volume on non-regulated exchange is untrue. It also launched it’s a new metric comparing exchanges based on liquidity. Call on Binance helpline number for availing solutions related to issues. Talk to the experts regarding the error and eliminate all issues in no time.