BTI Report Reveals Kraken and Coinbase as the Cleanest Crypto Exchanges
The September issue of the Blockchain Transparency Institute’s market surveillance report shows that the cryptocurrency exchange volumes of Kraken and Coinbase are the cleanest in the industry.
The institute is also primarily responsible for filtering these volumes through its proprietary algorithm.
“Since the start of 2019, global wash trading has reduced by 35.7% among the real Top-40 exchanges. 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.”
Evidence in the report reveals that the cleanest exchanges continue to stand with Kraken, Coinbase, Poloniex, and Upbit. In contrast, the exchanges with the highest rates of wash trading are: OKEx and Bibox.
Globally, the report shows that Japan and the United States are in the lead of exchanges with accurate volume reporting. The report claims:
“This can be due to several factors, the main of which is the legal and regulatory standards in these countries. However, stricter regulatory frameworks do not always produce the cleanest exchanges.”
Bitwise Asset Management published Bitcoin trading figures and admitted up to 95% of Bitcoin trading volume was due to wash trading.
In a report published earlier this year by Bitwise Asset Management, revealed that up to 95% of Bitcoin trading volume seen on CoinMarketCap was due to wash trading.