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Huobi VP Criticizes Binance-Acquired CoinMarketCap for Exchange Ranking Metrics

1 min
Updated by Kyle Baird
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In Brief

  • The VP of Huobi has criticized Binance for distorting CoinMarketCap's 'Top Exchanges' page.
  • Huobi claims it has far more deposits and withdrawals than Binance.
  • A few days ago, the CoinMarketCap page was updated to sort by web traffic rather than trading volume.
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Ciara Sun, VP of Huobi, has taken aim at Binance on Twitter for distorting data on CoinMarketCap. She claims that the exchange is leveraging its recently-acquired CoinMarketCap to give itself an unfair advantage.
In a tweet, she said that institutional trading volume grew by 128% between Q4 2019 and Q1 2020. She also claims that Huobi has far greater deposit volume than Binance. Yet none of this is reflected in the new CoinMarketCap rankings. In another tweet, she said that Huobi saw $1.48B in deposit volume where saw Binance saw just $931M in the first 10 days of March. Huobi also made up 70% of all withdrawals among exchanges in the same period. A few days ago, CoinMarketCap reshuffled its ‘Top Cryptocurrency Exchanges’ page. Ranked by traffic and unique visitors, Binance now ranks first. This change has been met with criticism from many in the industry who do not see web traffic as an accurate metric. Altogether, Ciara Sun’s comments are an escalation of an ongoing feud between Huobi and Binance. The two exchanges have rocketed to the top of Bitcoin futures trading volume in the past month and a half. It is clear that Huobi sees Binance as its main competitor. So far, Binance has not commented on the controversy.
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Anton Lucian
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.