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Exchanges
A quarterly ratings report has been upgraded to the score previously referred to as seven cryptocurrency exchanges, while downgrading four. It has also added seven new exchanges, rating them on such metrics as trading volume, security, and compliance. In related news, Crypto Exchange Ranks (CER) has begun tracking the hot and cold wallets of exchanges as part of a drive to champion greater transparency.
Also read: Simple Ledger Developers Publish Monthly Puzzles With Bitcoin Cash Treasure
Okex Downgraded, Bithumb Upgraded
Cryptocurrency exchange ratings, much like cryptocurrency ratings, are highly subjective. Is attempting to solve the problem. Nevertheless, quarterly ratings reports continue to grow in popularity while in the spotlight while shining the spotlight on various verticals within the cryptocurrency ecosystem. Tokeninsight's latest report tracks the progress of crypto exchanges over the past three months, amid difficult market conditions.
Unique visitors have dropped in the last quarter, with the sun exception of Bithumb, whose traffic has risen. Okex, has seen its weighted score fall, exacerbated by the fact that it has been unilaterally changed its trading rules during our rating period, including data rollbacks and modifying its contract delivery rules.
In the case of the BCH hard fork, Okex delivered the last transaction price of BCH. on November 14, 2018 (GMT + 8), and issued an announcement only one hour in advance, causing an unnecessary loss to a large number of investors.
Hitbtc, Kraken, and Kucoin all saw upgraded by Tokeninsight, while Poloniex and Gemini were among the exchanges given ratings for the first time.
Trans-Fee Mining Exchanges Score Poorly
Transaction fee mining exchanges, often scored with wash trading and fake volume, have scored poorly in Tokeninsight's report. Hong Kong's Fcoin exchange is one such casualty, its score lowered, with the report noting how "Transaction mining trends once brought a large amount of traffic to the platform, two to the notion that the vast majority of transactions of transaction fees or dividends were free , and transaction volume has dropped significantly in the past three months. In terms of compliance, Fcoin has lagged behind and has not obtained any license of relevant regulatory agencies. "
Exchange analytics service Crypto Exchange Ranks has been instrumental in uncovering fake volume on Asian platforms such as Fcoin, Coinbit, and GDAC. Its latest initiative involves launching a crowdsourced framework for crypto exchange transparency. CER is seeking the help of "transparency hackers" to help it identify and then track the hot and cold wallets of all leading cryptocurrency exchanges.
The CER dashboard is already populated with wallet balances for several major exchanges. Results of the information on the wallet and on the wallet balance. Eventually, CER hopes to add more to the sector through a combination of self-reporting and public diligence.
Do you think about providing incentives to provide greater transparency and to act ethically? Let us know in the comments section below.
Images courtesy of Shutterstock, Tokeninsight, and CER.
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