David – Cryptocurrency Expert
Reporter Wu from China queries why FTX is ranked so highly on CMC and CoinGecko's platforms
The CEO of ProChain Capital, David Tawil, forecasts that the analytical platform's reputation will suffer
Through its proof of reserves website, CoinGecko has started monitoring liquidity
Chinese journalist Colin Wu recently tweeted about how FTX was highly rated on CoinMarketCap and CoinGecko's respective crypto rating services. According to Wu, in the days preceding its catastrophic collapse, FTX was rated as one of the third-best cryptocurrency exchange platforms on both websites.
Two major cryptocurrency analysis and evaluation websites, CoinMarketCap and CoinGecko, rate crypto exchange platforms according to their dependability and trustworthiness. Given what happened recently, both reputable websites blew it on FTX and are now apologizing. Wu noted that in early November, CoinGecko ranked FTX as the third-best cryptocurrency trading platform, with a perfect trust score of 10, after backdating the rankings from CoinMarketCap and CoinGecko.
When FTX realized that it had propped up a related company called Alameda Research with customer deposits and illiquid native tokens, creating a hole in its financial statement, it filed for bankruptcy on November 11.
The number of visitors to CoinMarketCap and CoinGecko up to this point has been above 100 million and 33 million, respectively. On the other hand, David D. Tawil, CEO of ProChain Capital's cryptocurrency hedge fund, indicated that this reputation would not last for very long.
The two analytics platforms rate exchanges using a methodology that takes factors like liquidity, security, and usage into consideration. CoinGecko's chief of research Zhong Yang Chan said that elements like the liquidity of an exchange's assets weren't previously highlighted when questioned about FTX's reliability during the examination.
Chan said that, in light of FTX's developments, there has recently been a strong push for centralized exchanges to embrace greater openness on their reserves.
CoinGecko started monitoring liquidity last week through its proof of reserves website. Now, users may look into the amount of assets traded primarily using data from DeFiLlama and Nansen.
If you want to sell crypto on a reputable platform, which does not have any of its own native tokens with sensible liquidity pools, check out cryptobroker BC Bitcoin. Its main service is to let their customers buy and sell cryptocurrency, without needing to keep their crypto assets on the platform. Everything goes from one wallet to another wallet.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards