A recent surveillance report by the Blockchain Transparency Institute reveals that global wash trading has reduced by 35.7% exchanges among the top 40 exchanges.
Binance, Bitflyer and Gemini Among the Winners
Per the report, the cleanest exchanges are Poloniex, Kraken, Coinbase, and Upbit. On the other hand, OKEx and Bibox lead the exchanges with the highest percentage of wash trading. Interestingly, the fake volume of these exchanges exceeds 75%. However, their real volumes are high enough to get them a spot in the Top 20- consistently.
The latest exchanges which have been verified by BTI include Gemini, Binance, Bitflyer, and Indodax. Binance is now under 10% wash trading after having close to 20% in the first few months of 2019. Leading exchange Gemini was also said to have around 12-15% wash trading, but it is well under 10% now.
United States and Japan Have The Cleanest Exchanges
The survey further reveals that Japan and the United States have the cleanest exchanges. This can be attributed to stringent regulatory standards in these countries. However, it is not the case for all exchanges.
Source- BTI Report
For instance, South Korea also has a well-monitored regulatory system, but it has been wash- trading Dash and Monero heavily. Moreover, these tokens were being wash traded over 90% of their volume.
Coin Market Cap Stil Lists Some of Scammy Exchanges
Per the report, CoinMarketCap still lists several scam exchanges in its Top-10 “Adjusted Volume” rankings. The top 10 list includes LBank, BW.com, Bit-Z, Coinbene, and OEX. These exchanges display high levels of wash trading from 96.9% to 99.7%.
This practice continues as Coin Market Cap ranks exchanges by trading volume without carrying out any basic checks.