Today’s top stories in the Crypto Roundup: CryptoCompare launches new Benchmark Tool to rank exchange legitimacy, Binance is set to launch a US exchange and ban US residents from trading on Binance.com and Tom Lee explains the route to Bitcoin hitting $40,000 at the CryptoCompare Digital Asset Summit.

At the time of writing, bitcoin (BTC) is trading at $8,265.86 (+1.5%) with a 24h volume of $2.67bn and ether (ETH) is trading at $256.5 (-1.3%) with a 24h volume of $1,42bn. The MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 4,017.4 (-1.6%)

CryptoCompare Launches New Benchmark Tool to Rank Exchange Legitimacy

We are pleased to announce our new Exchange Benchmark report that ranks over 100 spot exchanges in an effort to provide users with granular, reliable data on the best trading platforms - regardless of their reported volumes. The methodologies are publically available as are the data visualisations and analysis.

The report reveals that the top 10 most trusted exchanges are (in order): Coinbase, Poloniex, Bitstamp, bitFlyer, Liquid, itBit, Kraken, Binance, Gemini and Bithumb. You can see the new grades on the exchange overview page, and they are also available via the CryptoCompare API.

Binance to Launch US Exchange and Ban US Residents From Binance.com

Leading crypto exchange Binance has announced plans to launch a new exchange in the US. Cooperation between Binance and the San Francisco-based money service business (MSB), BAM Trading Services, CEO Changpeng Zhao said the exchange “will serve the U.S. market in full regulatory compliance.”

Accompanying the announcement of the launch of the new exchange, however, Binance revised its Terms of Use to add that it “is unable to provide services to any U.S. person.” US users have until September 12th to trade their funds on Binance.com, but will thereafter only be allowed to withdraw funds.

Tom Lee Sets Out Path to Bitcoin Hitting $40,000

Talking this week at the CryptoCompare Digital Asset Summit in London, Fundstrat Global Advisors’ Thomas Lee, discussed how the leading cryptoasset could, in theory, reach the $40,000 mark.

If bitcoin were to break the key $10,000 mark, he explained, it is “very likely” that BTC would quadruple in price in the following five months. During the talk Lee also outlined thirteen events between November 2018 and May 2019 which he believes demonstrate the end of the “crypto winter.”

CryptoCompare’s CPO Quynh Tran-Thanh also spoke at the Digital Asset Summit about challenges of being a data provider in the industry and what CryptoCompare is doing to solve them.

State of the Crypto by Top Tier Exchange Volume

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