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OKEx fights over wash trading allegations

In a recent report by the Blockchain Transparency Institute(BTI), OKEx was considered as one of the platforms with the highes
In a recent report by the Blockchain Transparency Institute(BTI), OKEx was considered as one of the platforms with the highest level of wash trading.

In a recent report by the Blockchain Transparency Institute(BTI), OKEx was considered as one of the platforms with the highest level of wash trading. This report was published on 19th September, but OKEx has denied the allegations that were made against them.

Wash trading is the practice of selling and buying orders which are placed simultaneously on the same asset to inflate the trading volumes artificially. This gives the impression that the demand for the asset is more than it is. The exchange said that the claims are false and stated that BTI’s way of the method to conduct the research is not transparent and they don’t provide any data to back up their claims.

OKEx further said that they have a surveillance team that looks after the trading volumes on the platform to ensure no market manipulation techniques are being used on the platform. Any account under this suspicion gets suspended or terminated immediately. They further said that BTI is lacking in its analysis and using inappropriate methodologies to examine the exchanges trade volumes.

They also informed that they have recently partnered with the Data Accountability and Transparency Alliance led by CoinMarketCap, which is established to improve the quality of reported volumes to minimize the trade manipulation practices.

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