Inflate crypto currency exchange daily trading volumes of $6 billion
According to the results of a new study, more than 70% of the 100 leading bitcoin exchanges in the ranking CoinMarketCap involved in money laundering transactions.
CoinMarketCap earlier, the administration was accused of publishing false data on the trading volumes on the stock exchanges. It was considered that analytical portal thus indirectly supports the so-called washout of the transaction.
Then it was stated that necessary measures will be undertaken to ensure the integrity of the data on the volume. Then you have added several new metrics, including adjusted data on volumes.
However, the researchers Blockchain Transparency Institute (BTI) believe that the exchange and continue to inflate their volumes. Counting data for 130 exchanges, they came to the conclusion that more than 6 billion dollars (more than two thirds of the total volume of all trading platforms) the stated daily volume are false.
Things are worst in these exchanges, as Bit-Z, which increases its volume more than 469 times, LBank (4400x), ZB (more 391x), BCEX (22 000х) and Bibox (more than 85x).
After adjusting the data the leading stock exchange of the United States Coinbase has risen to 3rd place. 4 out Bithumb that ahead of a big South Korean exchange Upbit. Currently, the exchange is under investigation by authorities on suspicion of money laundering, despite the fact that a recent audit showed no fraud in the management of the exchange or manipulation of custom tools. However, according to BTI, the volume of trading on Upbit inflated 11 times.
First place in the list is Binance with its high number of unique visitors. Second place at Bitfinex. In the beginning of 2018 guide introduced for new users the requirement for a minimum Deposit of 10 thousand dollars.
Many exchanges who are in the TOP 25 on CoinMarketCap, the ranking of BTI was not even the first hundred. As the researchers note, most of them has the same user interface and trading engine.
The best results were in Kucoin and Cryptopia, which CoinMarketCap is 58 and 90 respectively. However, analysts BTI took them 19 and 24 lines. It is noted that most of the users of the data exchanges are trading on low volumes of coins with a low market capitalization.