Kiara Sun, Huobi’s vice president, accused Binance on Twitter of distorting CoinMarketCap data.
She claims that the exchange uses the recently acquired CoinMarketCap platform to give itself an unfair advantage.
In the publication, she wrote that the institutional volume of trade increased by 128% between Q4 2019 and Q1 2020. She also claims that Huobi has a far larger volume of deposits than Binance. However, none of this is reflected in the new CoinMarketCap ranking.
In another Twitter post, she mentioned that Huobi saw $ 1.48 billion in deposits, where Binance recorded only $ 931 million in the first 10 days of March. Huobi also made 70% of all withdrawals between exchanges for the same period.
A few days ago, CoinMarketCap rearranged its “top crypto exchanges” page. Ranked by traffic and unique visitors, Binance now ranks first. This change has been met with criticism from many in the industry who do not see web traffic as an accurate indicator.
Overall, Kiara Sun’s comments are an escalation of an ongoing feud between Huobi and Binance. Both exchanges have shot to the top in the volume of trade with Bitcoin futures in the last month and a half. It is clear that Huobi sees Binance as its main competitor.
So far, Binance has not commented on the dispute.