Many top crypto exchanges are coming together to form a Crypto Rating Council to rate different cryptocurrencies. A coin would be ranked on a scale of 1 to 5 on how complaint the coin is with the US authorities. The companies that formed the council include Coinbase, Kraken, Circle, Bittrex, and Grayscale. One of the leading crypto exchange by trading volume, Binance is not a part of the council.
Coinbase on Monday announced in a blog post that the point-based system would determine whether a digital asset falls under the US securities law using guidance from the SEC. There is speculation that exchanges that formed the council are directly competing with China-based Binance. Coinbase is planning to issue to its own Initial Exchange Offering (IEO) to compete with Binance.
Earlier, founder of Ayre Group and Bitcoin SV supporter, Clavin Ayre lashed out on Binance and said that the exchange is running a scam and would be shut down within a year. Founder of DigiByte, Jared Tate alleged that Binance asked for $300,000 and 3% of DigiByte in order to list the coin on the exchange. However, there were no proofs that backed his claims.
As of now, no exchange in the council has made any comments as to why Binance was not included in the council. Let us know in comments why do you think the world’s leading crypto exchange by trade volume was not included in the council?