Ciara Sun, the vice president of the crypto exchange Huobi, took on Twitter to criticize CoinMarketCap and Binance for changing ranking system of exchanges. She claimed that Huobi has far greater deposit volume than Binance and yet none of this is reflected in the new CoinMarketCap rankings. One of the world’s leading crypto exchanges Binance, had acquired CoinMarketCap earlier for an undisclosed amount of sum. Ciara Sun aimed at CoinMarketCap for using web page views and unique visits instead of institutional trading volumes.
Institutional trading volume on Huobi grew by 128.25% in Q1 2020.
In a tweet, the VP of Huobi exchange Ciara Sun stated that institutional trading volume grew by 128.% between Q4 2019 and Q1 2020. In another tweet, Sun noted that Huobi witnessed $1.48 billion in deposit volume, where Binance saw just $931 million in the first ten days of March. The exchange also made up 70% of all withdrawals among exchanges in that same period. CoinMarketCap, which was recently acquired by Binance, updated its list of top cryptocurrency exchanges’ page. Ranked by traffic and unique visitors, Binance now sits at first.
This change in the ranking system has been met with criticism from many in the crypto industry who do not see web traffic as an accurate metric for ranking crypto exchanges.
Funny that CoinMarketCap ranks exchanges without considering % of total coin market cap managed by exchanges. This is data that you can't fake. @Huobi_Global @CoinMarketCap #Huobi pic.twitter.com/69vg68clIk
— Ciara Sun (@CiaraHuobi) May 15, 2020
Crypto community fears Binance monopoly in the industry.
Binance has been on an acquisition spree over the last couple of years. The crypto exchange has already made its presence in most parts of the world by acquiring local exchanges and other blockchain firms. The crypto exchange later last year acquired Indian crypto exchange WazirX just before the Supreme Court’s historic decision. Binance also launched its own crypto mining pool that raised some concerns among the crypto community over the potential monopoly of Binance over the market. However, Binance has denied such claims repeatedly. The CEO of the exchange, Changpeng Zhao, has emphasized the importance of co-existing several times.