Binance completes acquisition of CoinMarketCap
Binance, the world's largest crypto exchange, acquires the popular data site CoinMarketCap in a landmark deal for the industry, sparking debates about neutrality.
On April 2, 2020, Binance completes acquisition of CoinMarketCap. Binance, the world's largest crypto exchange, acquires the popular data site CoinMarketCap in a landmark deal for the industry, sparking debates about neutrality.
The acquisition was significant because it gave the world's largest exchange control over the industry's most influential data aggregator. The move was met with a mix of awe at the deal's size and concern from the community about potential conflicts of interest. Critics worried that Binance might use its ownership of CMC to favor its own exchange and its native token, BNB, in rankings and data presentation, potentially compromising the platform's neutrality.
Binance CEO Changpeng Zhao pledged that CMC would continue to operate as an independent entity. The deal underscored the immense value of data in the crypto ecosystem and highlighted Binance's aggressive strategy to expand its influence beyond trading into all verticals of the industry, a move that would have long-lasting implications for the entire market.