Crypto Exchanges Speak Out as Binance Takes CoinMarketCap’s Top Spot

Binance taking the top spot on recently purchased CoinMarketCap has raised concerns among executives from other top crypto exchanges.

For an industry that is supposed to be based upon decentralization, it appears to be getting crowded at the top, with a number of companies transforming into unspoken oligarchs, each wielding huge influence — or at least that’s what some critics argue.

One of the most remarkable crypto companies operating today is Binance. In only three short years, Binance has enjoyed a meteoric rise to the top. Criticism of Binance, philosophical or otherwise, can’t fail to take into account the impressive stream of innovation the firm seems to channel. Headed by Changpeng Zhao, the Twitter-happy CEO better known as CZ, Binance has a carefully crafted image of a firm hoping to make crypto a better place.

Such an unspoken narrative also helps set the scene for the company’s expansionist activity. With the firm reporting in 2018 that it had opened an office on the historic Mediterranean fortress island of Malta — known to some as “Crypto Island” — Binance’s struggle against Chinese fiscal policy could be seen by historically minded analysts as a 21st-century sequel to one of Malta’s most defining historical moments: the failed siege of Suleiman the Magnificent against the embattled Knights Hospitaller, in which one small group stood its ground on the tiny island, just beyond the clutches of a fearsome power.

But history is written by the victor, and true to the confusing nature of a post-truth world, it’s hard to tell the same tale as a simple story of good versus evil. In keeping with the natural character arc of any hero becoming a villain in the eyes of their detractors, Binance’s recent actions have strayed into a gray area, putting its fairly clean image under scrutiny following the purchase of exchange ranking platform CoinMarketCap.

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