CryptoCom Trashed CoinMarketCap For Misreporting Trading Volumes

CryptoCom trashed CoinMarketCap for misreporting trading volumes of the exchange accurately according to the tweets posted by CEO Kris Marszalek that we are reading more about in today’s crypto news.

CryptoCom trashed CoinMarketCap for misreporting their exact trading volume and in a tweet from the CEO on Christmas day, Kris Marszalek said that the aggregator failed to report the data accurately. He wrote:

“Merry Christmas to team CoinMarketCap who, a week after my response to their poorly worded tweet, arbitrarily reduced our exchange ranking to 14th. We are 2nd/3rd on CoinGecko, so you guys know where to look for real and market neutral data.”

Merry Christmas to team @CoinMarketCap who a week after my response to their poorly worded tweet arbitrarily reduced our exchange ranking to 14th 😁

We are 2nd/3rd on @coingecko so you guys know where to look for real and market neutral data 🤣

— Kris (@kris) December 25, 2021

At the time of writing, CoinMarketcap ranked CryptoCom at 14^th place with $1.8 billion in trading volume over the past 24 hours, and in the meantime, CoinGecko reported that its trading volume is $3.1 billion, placing it in the third place. The tweet that Marszalek refers to is actually from December 15^th where there was an exchange between both platforms and ended up with him saying that his exchange is working on removing CoinMarketCap’s unreliable price feeds from their products. The main reason for the complaints seems to be a glitch that CoinMarketCap went through.

A bug on the website showed a high increase in the top cryptocurrencies which affected all crypto services that rely on the data to show the fiat prices and balances.

As recently reported, the Prominent crypto exchange Crypto.com acquires NADEX and Small Exchange, both of which are CFTC-regulated venues that are going to help the platform cater to US-based customers and to offer trading opportunities of certain derivatives and future products. As per a press release, Singapore-based Crypto.com announced a sale and purchase agreement to acquire two Commodity Futures Trading Commission regulated venues, Small Exchange and NADEX. For the unintended, NADEX is short for North American Derivatives Exchange and it is focused on retail but works as a regulated online exchange and clearinghouse. The Small Exchange is also a retail-user-focused futures exchange that is involved in offering small and simple products.

Popular crypto exchange Crypto.com becomes the first trading platform to be compliant with SOC 2 standards which makes it the first crypto exchange to achieve this standard in traditional finance. Crypto.com successfully implemented the SOC 2 or a Service Organization Control audit which is a common standard in traditional finance which attests to the company being trustworthy and having decent operations and policies.