Earlier in April 2020, Binance CEO Changpeng Zhao showed the crypto community how to spend millions of dollars by acquiring crypto data aggregation website CoinMarketCap rumored to have cost $400 million. Currently, this is the most expensive acquisition within the crypto space.
CoinMarketCap recently launched new metrics to rank crypto exchanges on the basis of Web traffic rather than crypto volume or liquidity. According to these new metrics, Binance is now always ranked number 1.
In November 2019, Carylyne Chan, CEO of CMC, stated she did not support the ranking of crypto exchanges by web traffic.
Changpeng Zhao recently tweeted:
This ranking is currently heavily biased towards web traffic, not 100% accurate, but better than before. Will continue to iterate.
OKEx Considers CMC Ranking Biased
Alysa Xu, chief strategy officer of OKEx, called out CMC for its new ranking metrics, stating that they are heavily inaccurate. In a blog post, Xu said, “Fairness and justice are the basis of all rankings. CMC is dead, and we mourn together tonight.”
She additionally referenced consumer experience, administrations, in different capacities.
Xu further states, “In the era of mobile internet in 2020, ranking with web parameters the list is either ignorant or shameless.”
CMC’s recent update made it clear that Binance is using CMC acquisition to squeeze out its competition. Some individuals believe that the exchange has acquired the market’s most used data site to help not only Binance but also the tokens of projects held by CZ’s friends.