CoinMarketCap (CMC) is facing criticism on listing Binance’s BNB token on 1st rank of its DeFi inventory.
CoinMarketCap is one of the most globally recognized crypto price-tracking websites that has been acquired by Binance, during March. Though the company is supposed to operate independently after the acquisition, there are public claims that the website is giving much attention to Binance and keeps on promoting it as a top cryptocurrency exchange when any chances come in the way for its promotion.
Recently, CMC has faced criticism on ranking its parent company Binance’s token BNB on top of the DeFi products list. However, soon the list updated, and at press time, the website is showing the top five well known decentralized finance (DeFi ) tokens- Chainlink, Maker, Compound, Aave, KyberNetwork, respectively. Reportedly, the update came when people started outpouring disapproval on CMC DeFi data.
In a series of derogatory spate, one of the commentator’s tweeted –
Another commentator while replying on the retweet by “Su Zu” said that probably Binance justifies this act “due to its centralized “DEX” which is on Binance Chain.”
CMC while defending this act mentions that it’s a human error that is rectified after being notified.
However, earlier the Research Head of CMC, Gerald Chee, said-
“CMC does token listing after the due diligence. Following the strict methodology, data tracking lists show the eligible tokens ranking.
Though, the recent error or intentional act shows the contradictory site of CMC.