Crypto firm claiming $1.4B in trades on CMC flashes reportedly fake license data

A number of cryptocurrency platforms reporting billions of dollars in everyday trades on CoinMarketCap appear to have been misinforming their customers about holding specific crypto licenses, an examination by Cointelegraph has found.Bitspay, a crypto exchange that reports a $1.4 billion everyday trading volume on CoinMarketCap, claimed it held a license in Estonia, and is controlled under Estonian law. After Cointelegraph reached out with concerns about this license, the business promptly removed its supposedly fake license data.At the time of writing, Bitspay is the fourth-largest crypto exchange by daily trading volume on CoinMarketCap, following platforms like Binance, BitForex and Topcredit International.Top 4 crypto exchanges by everyday trading volume.” We have long been conscious that self-reported information can be bothersome, however APIs are the only practical source for information collection,” a spokesperson for CoinMarketCap told Cointelegraph.The agent also referred to the sites scoring system, pointing out that platforms like Bitspay, Topcredit or Bika have a considerably lower rating than significant exchanges like Binance, which has owned CoinMarketCap because April 2020.

A number of cryptocurrency platforms reporting billions of dollars in daily trades on CoinMarketCap appear to have actually been misleading their customers about holding particular crypto licenses, an examination by Cointelegraph has found.Bitspay, a crypto exchange that reports a $1.4 billion everyday trading volume on CoinMarketCap, claimed it held a license in Estonia, and is controlled under Estonian law. After Cointelegraph reached out with questions about this license, the company swiftly removed its apparently fake license data.At the time of composing, Bitspay is the fourth-largest crypto exchange by daily trading volume on CoinMarketCap, following platforms like Binance, BitForex and Topcredit International.Top 4 crypto exchanges by daily trading volume. Source: CoinMarketCapAccording to Bitspays page on CoinMarketCap, it is a centralized exchange (CEX) based in Estonia. Exchanges like Topcredit, which reports $1.8 billion in day-to-day trading volume on CoinMarketCap, and Bika, which reports $1.2 billion, have actually been unwilling to talk to Cointelegraph about their background and creators.” We have long been mindful that self-reported data can be bothersome, however APIs are the only viable source for data collection,” a representative for CoinMarketCap told Cointelegraph.The representative also referred to the sites scoring system, pointing out that platforms like Bitspay, Topcredit or Bika have a substantially lower score than significant exchanges like Binance, which has actually owned CoinMarketCap considering that April 2020.