Wash Trading Has Reduced by 35% On Major Crypto Exchanges – BTI Surveillance Report

By Supriya Saxena
Published September 21, 2019 Updated September 21, 2019
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Wash Trading Has Reduced by 35% On Major Crypto Exchanges – BTI Surveillance Report

By Supriya Saxena
Published September 21, 2019 Updated September 21, 2019

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. This, in turn, motivates trading platforms to report false data and gain traction by getting listed on the website. 

Source- BTI Report

As a matter of fact, among the top 100 exchanges on CMC, there are 73% exchanges that have been actively wash trading over 90% of their volume. Interestingly, only a handful of exchanges on CoinMarketCap publish true volume of trades. 

When a trader tries to sell tokens on these exchanges using a market order, a drop of 25-50% is seen on candle wicks with low sell volume. This is due to order books being filled up with fake liquidity and trades. Such types of charts with recurring buying patterns of flat volume and cars continue to be seen on over 70% of exchanges on CMC’s Top-100 “Adjusted Volume” rankings.

Source – BTI Report

Wash Trading Continues Among Top Coins

BTI tallied data from real Top – 40 exchanges and has found out that Bitcoin is still being wash traded by around 50%. While Ether, XRP, and Litecoin recorded percentages of 75%, 55% and & 74% respectively. Ethereum Classic, Monero, and Dash are among the most heavily traded tokens, with over 80% fake volume. Maker DAO, Binance Coin and LEO are the least wash traded tokens in the top 25 coins. 

Stable Coins Show Signs of “Stability” 

Over the past 90 days, the top stable coin remains USDT, which accounts for 94% of all actual stable coin trading volume with wash trades removed. In terms of wash trading, USDT has the highest value among our Top-40 leading exchanges over the past 90 days, at 67.3%.

Source- BTI Report

Tether(USDT) over a period of 90 days, remains the top stable coin. It accounts for 94% of all actual stable coin trading volume, excluding wash trades. If wash trading is considered, then USDT has the highest value among the top -40 leading exchanges. It stands at 67.3% over the past 90 days.

USDC’s true volume makes it a close second. Also, it is the fastest-growing stablecoin. Interestingly, it has the lowest global wash trading value at 7%. TUSD and PAX stand at 12% and 13.7% respectively. 

Fake trading volume misleads investors by distorting the actual market picture. Thus, it is important to first do the required research on trade volumes of exchanges.  


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Supriya Saxena
216 Articles
Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.

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