Since April 2019, wash trading among the top-40 cryptocurrency exchanges has been reduced by 35.7%. This is according to a recent report released by the Blockchain Transparency Institute (BTI).
Wash Trading Falls Among Top Exchanges
As reported by BTI, the process of gathering data from exchanges resulted in enhanced mechanisms that allow analysts to have better data about wash trading.
BTI informs the cleanest exchanges in the market are Kraken, Poloniex, Coinbase and Upbit. However, those exchanges with the largest percentage of wash trading included OKEx and Bibox.
Despite faking their volumes – in many cases over 75% – their real volumes after removing wash trading are very high, placing them in the top-20 ranking.
Both, the United States and Japan are among the countries with the cleanest exchanges. The report explains that this situation could be related to the legal and regulatory standards in these two nations.
BTI verified exchanges include Kraken, Coinbasem Upbit, Binance, Liquid, Poloniex, Bittrex, Gemini, Gate.io, Bitso, Lykke, bitFlyer and INDODAX. Other exchanges can get BTI verified if they apply for it.
