Coinbase and Kraken have been named the cryptocurrency exchanges most free of wash trading in a report by Blockchain Transparency Institute (BTI).

According to Cointelegraph, BTI analyzes digital asset trading platforms for fraudulent market data and trades, benchmarking the world’s cleanest exchanges.

BTI Report Exposes Actual Crypto Exchange Volumes

The rankings were part of BTI’s fifth market surveillance report, which was published on September 19th. The report, which began in August last year, uses a proprietary algorithm to assess the amount of wash trading in an exchange and verifies reported volumes.

According to the report, the exchanges with the least amount of ‘wash trading’, deemed the ‘cleanest’, are Coinbase, Kraken, Upbit, and Poloniex. Wash trading refers to when sell and buy orders are placed simultaneously on an asset to mislead traders in terms of trade volume and activity. It is commonly considered illegal on most exchanges.

BTI Report Leads to Reduced Wash Trading

In contrast, the BTI report listed OKEx and Bibox as having the most wash trading, placing the two exchanges at the bottom of its list of 40 benchmarked platforms. 

It was noted that wash trading has reduced overall, with the report stating, “Since the start of 2019, global wash trading has reduced by 35.7% among the real Top-40 exchanges.” 

According to BTI, “The process of sharing our data reports with many of these exchanges has resulted in enhanced mechanisms for detecting wash trading accounts and shutting them down.”

Source: cointelegraph.com/

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

• Telegram: https://t.me/asiablockchainreview
• Facebook: https://www.facebook.com/pg/asiablockchainreview
• Twitter: https://twitter.com/abr_blockchain
• LinkedIn: https://www.linkedin.com/company/asia-blockchain-review/
• Website: https://www.asiablockchainreview.com/
• Email: [email protected]
• Youtube: https://www.youtube.com/channel/UCMQ5CVu0c9-pMlwB8LUvkiA