Bitcoin trading data from as many as 160 exchanges does not correspond to their claims according to a recently published report from Forbes Magazine’s digital asset branch, CoinTelegraph reported.
Binance and Bybit claim more than twice the volume
Forbes contributor Javier Pax reported some exchanges’ Bitcoin trading volumes were 95% less than what they reported, while exchanges like Binance, which operate with little to no regulatory oversight, claimed to have more than twice the actual volume.
Binance claimed trading volume of $217 billion, while in reality, it was just $89 billion.
Fake volume
Pax said:
He added:
According to a 2019 report from Bitwise Asset Management cited by the contributor, 95% of the reported crypto trading volume on unregulated exchanges was the result of non-economic wash trading or was faked.
In a February 2022 report from Chainalysis, wash trading is becoming an issue for NFT investors, but most people conducting such trades were not making a profit.
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