According to the latest market surveillance report of the Blockchain Transparency Institute (TBI), Coinbase and Kraken are one of the most trustworthy crypto exchanges in the entire industry.
Last week, TBI published its 5th market surveillance report. The report’s main goal is to track crypto exchange volumes.
TBI has been releasing surveillance reports since August of 2018 and via its complex proprietary algorithm, clears all the wash trading from the volume of the crypto exchanges. It clearly highlights:
“Since the start of the year, we’ve seen wash trading being reduced by 35.7% among the top 40 most trustworthy crypto exchanges. Our data reports have been continuously shared with many of these exchanges and have thus resulted in more sophisticated mechanisms used to detect wash trading accounts and removing them completely.”
The Blockchain Transparency Institute is keeping a close eye on wash trading
Wash trading is basically a form of market manipulation, which sees buy and sell orders being placed simultaneously on the same asset for the purpose of artificially increasing the trade volume. This creates a short-term illusion that the asset is in a way bigger demand than it actually is.
According to the report, Coinbase, Kraken, Upbit and Poloniex are keeping up the trend of being the most trustworthy crypto exchanges.
In another scale however, Bibox and OKEx are revealed to be the exchanges with the highest amounts of wash trading between the top 40 crypto exchanges.
The BTI report also highlighted:
“The United States and Japan are leading the world in exchanges with accurate reporting. This is most likely due to the regulatory standards in the above-mentioned countries. Stricter regulatory frameworks however, are not a guarantee in the production of trustworthy exchanges.”
Around the beginning of the year, Bitwise Asset Management delved right into the issue of fake BTC trading volume. The index fund provider issued a report which declared that the incredible 95% of bitcoin trading volume was actually due to wash trading.
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