Crypto market cap tracker and data provider CoinMarketCap recently announced in a blog post that it will be forced to remove exchanges if they don’t provide asked data by June.
For the same, CMC has also announced the formation of Data Accountability & Transparency Alliance (DATA). The alliance will bring forth accountability and transparency in the crypto space.
Reportedly, the number of exchanges who have joined the alliance include, Binance, Bittrex, OKEx, Huobi, Liquid, UpBit, IDEX, OceanEX, Gate.io, KuCoin, HitBTC, and Bitfinex. Furthermore, more exchanges will join in the upcoming months.
The exchanges now have a 45-day grace period to send the required data, while changes will come into effect on June 14, 2019, CoinMarketCap noted.
Per CMC’s initiative, exchanges need to provide API data which will include live trading data and live order book data. Failing to provide which the exchange will not include the said exchange’s price in adjusted volume and calculations on the site.
Along with DATA alliance announcement, CMC has also unveiled new features such as CoinMarketCap Block Explorers, CoinMarketCap Shop, API Revised Plans, and CoinMarketCap Mobile Apps.
The new announcement comes in the wake of the recent controversy around CMC’s volume statistics. On March 20, Bitwise Asset Management in a research piece noted that released that 95% of the volume on unregulated exchanges is reportedly fake.
In another news reported by CoinMarketFeed, Japan’s Financial Services Agency (FSA) announced that it is all set to introduce new rules regarding cold wallets for storing cryptocurrencies at crypto exchanges.
Per the report, cryptocurrency exchanges will need to strengthen the internal supervision of cold wallets. By implementing the new regulation, the FSA purportedly seeks to address the difficulties of ensuring the security of digital currencies and other risks for the country since it intends to boost the fintech industry to stimulate economic growth.
Earlier this month, the FSA heard arguments for no longer classifying Bitcoin (BTC) as a currency. During a plenary session at the 41st General Assembly of the Financial Council and the 29th Financial Division Meeting, Professor Iwashita Goto of Kyoto University argued that Bitcoin had become something beyond a means of transacting due to its borderless qualities, which have led it to appear throughout the world in its ten-year history.
In March, the FSA approved the second cryptocurrency exchange to begin operations under new regulations. The FSA began issuing licenses to new cryptocurrency exchanges looking to serve the Japanese market.