Wed, April 17, 2024

Binance is not among the top crypto exchanges

Crypto market and digital currencies

Binance is the second biggest crypto exchange by daily trade volume. Despite this fact, Binance is not among the top ten crypto exchanges, according to CryptoCompare.

CryptoCompare is a London-based crypto data provider. The updated list of the biggest crypto exchanges contains one big news as Binance fell out of the top ten list.

The first version of Exchange Benchmark became available several months ago. Nevertheless, CryptoCompare decided to update the list and released the second Exchange Benchmark.

CryptoCompare is not using trading volume directly, and this factor affected the second-largest crypto exchange.

Based on the update data Binance fell from 7th place to 12th place. The reason why Binance was not able to stay in the top ten list is connected with security.

According to Charles Hayter, who is co-founder and CEO at CryptoCompare, due to this incident, Binance lost its position among the best crypto exchanges.

In May 2019, Binance experienced problems as hackers managed to steal more than 7,000 Bitcoins worth around $42 million.

This was the price of 7,000 Bitcoin at the time of this incident. Binance announced that it would use its emergence insurance fund to repair the damaged caused by this major security breach.

Crypto exchanges and methodologyBiggest crypto exchanges on the market

Let’s have a look at the methodology in which CryptoCompare is using the identify best crypto exchanges.

It is worth mentioning that the London-based crypto data provider is using an innovative ranking methodology. This methodology combines qualitative (due diligence) and quotative (market data) metrics.

Moreover, CryptoCompare’s list does not rely on the ranking, which derives from trading volume.

Also, when looking at the CryptoCompare Exchange Benchmark, it is desirable to keep in mind that CryptoCompare assigns a grade to each exchange. This helps to identify the most trustworthy exchange on the market.

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