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, BW.com, 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.