There are numerous crypto exchanges on the market. London-based crypto data provider CryptoCompare updated its list of the biggest crypto exchanges.
It is interesting to have a look at the top exchanges, according to CryptoCompare. This crypto data provider released the Exchange Benchmark several months ago in June. However, CryptoCompare decided to update the list and released the second Exchange Benchmark.
It is important to mention that London-based the crypto data provider is using an innovative ranking methodology. This methodology combines qualitative (due diligence) and quotative (market data) metrics. It means 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. Additionally, this helps to identify the most trustworthy crypto exchange on the market.
Binance and crypto exchanges
Another interesting fact about the updated version of the best exchanges is that Binance is not included in the top 10 list. Binance is the second biggest crypto exchange by daily trade volume.
As mentioned above, CryptoCompare is not using trading volume directly, and this factor affected the second-largest crypto exchange.
According to the updated list, Binance is in 12th place. Moreover, it means that in comparison with the first list it moved from 7th place to 12th.
Charles Hayter, who is co-founder and CEO at CryptoCompare made a comment regarding this issue. He explained this decision by saying that Binance is not on the top 10 list because of the problems connected with security.
Several months ago, Binance experienced problems as hackers gained access to more than 7,000 Bitcoin 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.