Wash trading is nothing new in the crypto world, but it turns out that it might not be restricted to the armada of fledgling Chinese exchanges. Recent BTI research shows that faking trading volumes is a mundane practice for seven out of ten cryptocurrency exchanges listed on CMC. BCEX takes the cake as the exchange with the highest percentage of inflated volumes.
Binance and Coinbase remain the market leaders with a huge amount of traffic and impressive social media following to justify their big numbers. Nevertheless, Coinbase, just like other fiat-to-crypto exchanges, witnessed a huge drop in trading volume this year.
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Valeria Blokhina
