Research released on May 31st by a crypto news outlet, The Block, has indicated that the United States and Japan are the largest sources of internet traffic to most cryptocurrency exchanges globally.
The U.S. contributed nearly a quarter (24.5%) of all traffic to crypto exchanges around the world — the most of any country — followed by Japan with 10%, South Korea with 6.5%, and Indonesia with 4.5%. The study was conducted on trades from November 2018 to April 2019.
The Block acknowledged that countries like China deny people from accessing various cryptocurrency exchanges. However, users who reside in such places can rely on Virtual Private Networks (VPNs). VPNs mask a user’s IP address to appear as though the connection is coming from another country.
Therefore, China may account for a larger percentage of exchange users that are being falsely attributed to other countries through VPNs.
A positive correlation was noted between the volume of internet traffic directed towards cryptocurrency exchanges and gross domestic product per capita.
“Data shows poorer countries aren’t trading crypto as much as wealthier countries,” the report said.
According to a Cointelegraph report, US crypto investment manager Bitwise Asset Management made the claim that Bitcoin’s (BTC) price cannot be affected by fake trading volumes.
Earlier last month, Japan’s Financial Services Agency (FSA) decided to crack down on crypto exchanges, which had weak KYC (Know-Your-Customer) practices or anonymous transactions. After the move, the FSA disclosed that the Financial Action Task Force will conduct a major probe in the fall.
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