TokenInsight Hikes Rating for Bithumb, Downgrades Okex

Dec 10, 2018 at 22:11

TokenInsight has pushed up its progress rating for seven virtual currency exchanges while lowering its assessment on four.

Bithumb, Hitbtc, Kraken, and Kucoin, among others, saw their ratings upgraded by TokenInsight, according to a report by Bitcoin.com.

As for Okex’ score, TokenInsights attributed its drop to the fact that it has “repeatedly unilaterally” modified its trading rules, including on areas of data rollbacks and contract delivery rules, during the three-month rating period.

This change of rules in the middle of the game is evident amid the Bitcoin Cash hard fork ramble when Okex delivered the last transaction price of the BCH contract one hour in advance of the original schedule of 16:05 p.m. on November 14, 2018, causing losses to several investors.

According to the report, the general sentiment showed that the number of unique visitors have dropped across the vast majority of exchanges during the last quarter.

Another exchange that saw a decline in ranking was Hong Kong’s Fcoin exchange, cited as one of the victims who believed in the transaction fee mining scheme which turned out to be a bubble due to its association to wash trading and fake volume.

“Transaction mining trends once brought a large amount of traffic to the platform, due to the notion that the vast majority of transactions of transaction fees or dividends were free, and transaction volume has dropped significantly in the past three months,” the report read.

In terms of compliance, Fcoin has lagged behind in development and has not obtained any license of relevant regulatory agencies,” it added.

Meanwhile, Poloniex and Gemini were among those virtual currency exchanges that were given ratings for the first time.