CryptoCompare has released its second edition of it's top 10 cryptocurrency exchanges, and Binance is not in it.
Binance has sunk to 12th in the list of top ten cryptocurrency exchanges, according to CryptoCompare. Despite being the second-largest exchange in the world in terms of volume, Binance dropped from 8th in June to 12th in November. Although when looking at only volume this is a surprise, CryptoCompare’s list takes far more aspects into account than just volume, including legal aspects, data transparency, security, the presence of negative reviews about the platform, and the effectiveness of monitoring trading activity, among others.
Gemini, itBit, Coinbase, Kraken, Bitstamp, Liquid, OKEx, Poloniex, bitFlyer, and Bitfinex are amongst others in this latest revision of the list. CryptoCompare co-founder and CEO Charles Hayter attributed Binance’s hack in May as the main factor in Binance's falling position.
Gemini is in the #1 spot, with a major reason being that it places security as a top priority on its platform. The new data from CryptoCompare also shows that only 8% of exchanges use a custody provider to store user assets, and only 4% of exchanges offer third-party insurance in the event of a hack. Binance offers neither of these options.
This article is not intended to be financial advice. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Crypto Block does not provide investment, tax, legal, or accounting advice.
As always, do your due diligence before investing, and never invest more than you can afford to lose.