Cryptocurrency market data provider CryptoCompare has shared an updated list for its cryptocurrency Exchange Benchmark, and Binance, one of the largest crypto exchanges by traded volume, is no longer within the top 10.
Reportedly, one of the reasons Binance dropped from the 8th to the 12th position is the exchange having been hacked earlier this year in May. According to CryptoCompare CEO and co-founder Charles Hayter, one of the Benchmark’s new categories penalizes exchanges that have recently been hacked.
The ranking’s current top 10 exchanges are, in order, the following: Gemini, itBit, Coinbase, Kraken, Bitstamp, Liquid, OKEx, Poloniex, bitFlyer, and Luno. The ranking’s former top 1 was Coinbase, which is now positioned at #3.
Alongside the new Exchange Benchmark, findings have shown that only 8% of exchanges use a custody provider to store customer assets, and that in the event of a hack, only 4% of exchanges offer third-party insurance. Another finding is that exchanges that offer margin trading represent 62% of the total exchange volume, while in June it was 52%. Binance integrated margin trading into its platform in July, jumping on the bandwagon of exchanges that offer that service.
Binance has been expanding throughout the year, adding different fiat currencies to its fiat gateway platform, with plans to integrate all 180 fiat currencies into Binance’s platform during the next 6 months.
Almost two months ago, OKEx exchange, ranked #7 in CryptoCompare’s Exchange Benchmark, challenged the Bitcoin Transparency Institute (BTI) to a bet after they published a statement claiming 90% of OKEx volume was fake. BTI’s allegations included wash trading, which OKEx denied stating the Institute uses the wrong analysis method.