Report: Crypto wash trading reduced by 35%

A reliable, secure, and active exchange is a trader's optimum choice. Many exchanges use deceit to meet these criteria and fake trade volume to falsify the platform's activity. Around 95% of Bitcoin trade volume is fake, according to Bitwise's report and only ten exchanges present their actual volume. In this article, we cover exchanges' essential features and list the most trusted cryptocurrency trading platforms.

In the data reports shown by Blockchain Transparency Institute, it was seen that the global wash trading among top 40 exchanges has reduced by 35.7%. According to the report, Poloniex, Kraken, Coinbase, and Upbit are the cleanest exchanges whereas OKEx and Bibox lead the exchanges and the fake volume of the exchanges exceeds 75%, but their real volumes helped them to remain in the top 20 spots.

Latest exchanges that have been verified by BTI include Gemini, Binance, Bitflyer, and Indobax. The level of wash trading on Binance is down to 10% from 20% in the first few months of 2019. Gemini is also well under 10% now.

The survey reveals that Japan and the United States have the cleanest exchanges as compared to the rest of the world. The reason behind this can be the regulatory standards that are present in the countries for the exchanges.

But these regulations are not for all the exchanges, for example, South Korea’s regulatory system is well-monitored, but Dash and Monero are getting wash traded. This was done for more than 90% of the tokens volume.

Faulty market cap due to wash trading

According to the report, CoinMarketCap still lists many scam exchanges in the top 10 volume rankings list. This list includes LBank,, Bit-Z, Coinbene, and OEX. The levels of wash-trading on these exchanges are 96.9% to 99.7%.

On the top 100 exchanges on CMC, 73% of exchanges have been wash trading over 90% of their volume. Only a handful of exchanges on CMC publish a true volume of trades. Even the top cryptocurrencies are involved in wash trading where Bitcoin was wash traded at 50%. Ether, XRP, and Litecoin found the percentage to be 75%, 55%, and 74% respectively. Monero, Dash, and Ethereum Classic are among the heavily traded squad with over 80% fake volume.

Ryan Asher
Ryan Asher
A post-graduate in business administration from Rutgers University, Ryan love to express his thoughts in writing. Ryan entered the crypto space by selling his car back in 2013 and investing the money into bitcoin. Apart from writing, Ryan loves to travel and believes that bitcoin is helping him fulfill his dream of traveling across the world.

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