BTI to Issue Fake Trading Report

Report said that leaders in fake trading volume is Bibox and OKEx; the last denied this statement and said "report is fake"
23 September 2019   496

The volume of fictitious transactions on leading cryptocurrency exchanges has decreased by 35.7% since the beginning of the year. Nevertheless, the platforms continue to display fake trading volumes, according to a report by researchers from the Blockchain Transparency Institute (BTI).

According to researchers, the Kraken, Poloniex, Coinbase, and Upbit exchanges turned out to be the most transparent.

The leaders in fake trading volumes are OKEx and Bibox - fictitious transactions on these exchanges account for 75%. Nevertheless, their real trading volumes still allow them to be in the top twenty platforms.

Commenting on analysts' data, Andy Chung, the head of OKEx’s operations department, said that the exchange does not falsify trading volumes, and the BTI report is incorrect.;

Exchanges from the USA and Japan are highly transparent, which may be due to strict regulatory standards in these countries. However, this factor does not always ensure transparency of exchanges, BTI noted.

Researchers also analyzed data from Binance, Gemini, Bitflyer, and Indodax. Fake trading volumes on these exchanges have declined and are now at relatively low values ​​(below 10%).

BTI noted that since the beginning of the year, many exchanges have introduced more effective solutions for identifying and closing accounts seen in fictitious trading.

At the same time, CoinMarketCap service continues to include “fraudulent exchanges” in the top 10 of its rating according to adjusted trading volume. The top ten include LBank,, Bit-Z, Coinbene and OEX. Fake trading volumes on these exchanges, according to BTI, range from 96.9% to 99.7%.

73 of the top 100 crypto exchanges according to CoinMarketCap version falsify 90% of trading volumes, the researchers note.

Data on bitcoin trading is falsified by 50%, Ethereum - by 75%. Transactions with Ethereum Classic, Monero and Dash are fictitious in 80% of cases.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   284

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.


Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.