Binance Falls From Top 10 in CryptoExamine’s New Crypto Exchange Rankings

London-based crypto information supplier CryptoExamine has up to date its crypto Exchange Benchmark, eradicating Binance cryptocurrency change from the record of the highest 10 exchanges. Binance, the second greatest crypto change by every day commerce quantity so far, will not be included within the CryptoExamine’s record because the rankings don’t depend on combination quantity information in its evaluation, the agency mentioned in a press launch to Cointelegraph on Nov. 19.

In order, the highest 10 crypto exchanges in CryptoExamine’s second Exchange Benchmark are: Gemini, Paxos’ itBit, Coinbase, Kraken, Bitstamp, Liquid, OKEx, Poloniex, bitFlyer and Bitfinex.

Binance was ranked seventh within the first Exchange Benchmark

CryptoExamine’s first Exchange Benchmark was revealed in mid-June 2019 with the aim of rating round 100 crypto spot exchanges worldwide.

At the time, the benchmark ranked Binance because the seventh high change, whereas Gemini, the highest change of the just-issued Exchange Benchmark, adopted Binance in eighth place. Meanwhile, United States-based Coinbase led the record.

CryptoExamine eliminated Binance on account of safety issues associated to the hack in May

Binance is now ranked in 12th place on CryptoExamine’s record. Charles Hayter, co-founder and CEO at CryptoExamine, informed trade information outlet The Block that Binance dropped out from the highest 10 record following the hack of the change in May 2019. Hayter reportedly mentioned:

“Our new Benchmark features a class for latest hacks for which we penalize exchanges. As Binance was lately hacked, it’s marked down within the safety class.”

On May 7, Binance skilled a significant safety breach, wherein hackers managed to steal greater than 7,000 Bitcoin (BTC) value round $42 million on the time of the hack. Binance subsequently famous that it’s going to use its emergence insurance coverage fund, Secure Asset Fund for Users, to cowl the incident.

New Exchange Benchmark provides 60 new spot exchanges

In a press launch, CryptoExamine mentioned that the brand new rankings now embody over 160 energetic spot exchanges. In its Q3 2019 Exchange Benchmark report, CryptoExamine discovered that solely 8% of analyzed exchanges use a custody supplier to retailer person belongings, whereas solely 4% of exchanges supply third-party insurance coverage within the occasion of a hack.

The firm additionally identified a rise in margin buying and selling choices since June, noting that exchanges providing such buying and selling now account for 62% of whole quantity, towards 52% in June.

As reported, CryptoExamine launched its Exchange Benchmark in response to a research claiming that 95% of quantity on unregulated exchanges is faux. In mid-November, main crypto information website CoinMarketCap launched a brand new metric evaluating exchanges and token pairs primarily based on liquidity. Hayter reportedly mentioned that liquidity alone is an “inadequate” metric and that exchanges should be rated holistically. He informed The Block:

“We have at all times integrated a liquidity metric in our scoring system for every change, utilizing depth and spreads throughout high markets.”

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