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In a recent blog, article CZ talks about the updates made on CoinMarketCap. As per a few speculations, there have been certain confusions regarding the rankings on CoinMarketCap and how it is related to Binance. To make it clear to the community members, Binance has released an official article to clear the doubts.
Clarifications about @CoinMarketCap, by @cz_binance
"With the recent update on exchange rankings on CoinMarketCap, there is some confusion about CoinMarketCap and how it relates to #Binance, namely how independent it is."https://t.co/7OYDUFnHoj
— Binance (@binance) May 19, 2020
The article comprises concepts like ownership, independence, influence, ranking, neutrality, and collaboration.
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CZ mentioned it clearly in the article that CoinMarketCap is a part of the Binance ecosystem. Sometime back, CoinMarketCap was sold to Binance. Every team in the Binance ecosystem works separately. Each team has its own set of goals and independent working strategies. Together they aim to build the best product and deliver world-class services. Every team independently makes its individual decision about setting their goals and working strategies.
This doesn’t mean that the teams don’t have to report to anyone; the Binance ecosystem works under a specific hierarchy. Each team has a target to be achieved, which is supervised by the higher authorities. The optimization of the team further depends on its team members and their strengths and weaknesses. If the teams fail to achieve the target and the goals, there are necessary changes and adjustments made by the higher authorities in the organization.
People have been lately doubtful about the fact if CZ has been an influence for the CoinMarketCap. CZ stated that, to an extent, he had been a little influencing. There are regular meetings between CZ and different working units of the organization where CZ observes the working of the business and comes up with relevant solutions and ideas based on the discussions. CZ is not the one who dictates how CoinMarketCap runs; the team has their complete freedom to work and strategize accordingly.
Based on the surveys and discussions, ranking is one of the major issues that is supposed to be solved, but it’s a task in itself. CZ and the CoinMarketCap team believe that they will be able to come with as accurate ranking as possible consistently in the near future.
There has been a consistent and 100% neutral outlook for reporting about all the collected data. Binance is aware of what CoinMarketCap did and how it has delivered fake data multiple times. Binance is currently making use of an algorithm to determine the fake data that is delivered. They aim to get the best possible results overall for the users. Binance follows the principle to not be fixed manually into any position. They work to deliver the best services and come up with trusted data and accurate rankings. If Binance ranks first in the list, that’s solely because of its market value and performance. On days when the organization cannot perform well, it’s not ranked first, and that’s how it’s always been. The Binance team doesn’t make manual changes to the CoinMarketCap ranking.
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CZ concluded that CoinMarketCap would continue to make strategic plans for different projects and exchanges which are willing to collaborate with Binance. Binance will make sure to be neutral to all the upcoming projects as it has always been. And is definitely willing to work upon growing the crypto industry.
