Huobi Australia to Merge with Parent Company

Decision is caused by "poor market conditions and associated recent staff redundancies"
25 February 2019   565

After 8 months from launch, the Australian unit of the Huobi Exchange will merge with the parent company. The reasons for such a decision are called the unfavorable situation on the market and the inexpediency of maintaining a separate unit in the current situation.

Huobi Global opened a division in Australia in July 2018, reporting then that entering a new market was a “natural step”. According to Huobi Australia, the decision to become a member of Huobi Global takes effect from tomorrow.

Please be informed that due to poor market conditions and associated recent staff redundancies here at Huobi Australia, all operations, including the management of our platform, social media channels and customer support will be managed by our team at Huobi Global headquarters starting 26th February 2019.
 

Huobi Australia at Facebook

The Australian Exchange will also abandon the plan to add support for Fiat and continue to serve trades exclusively in cryptocurrency pairs. In addition, she will withdraw the application for registration in the Australian reporting and analytical center of transactions, which is not required for companies that do not work with fiat currencies.

Fake Trading Share to Reach 68%, - FTX Global

This figure, however, is significantly lower than what Bitwise's report and the discrepancy is explained by the difference in methodology
04 July 2019   1187

The exchange of derivatives FTX Global and Alameda Research conducted a study that estimated the volumes of fictitious transactions (wash trades), presumably prevailing in many cryptocurrency exchanges.

The report says that 68.6% of trading volumes displayed by CoinMarketCap are fake. This figure, however, is significantly lower than what Bitwise Asset Management announced in March.

The discrepancy between the results in almost 30% of the authors of the new study is explained by the difference in methodology. So, FTX Global is sure that Bitwise used an too strict approach to data analysis, which is why a significant proportion of real trading volumes fell into the category of fake ones.

While our methods are not foolproof, we believe they paint the most accurate picture of the true nature of cryptocurrency trading volume that anyone has made publicly available as of yet.
 

FTX Global Team

The Alameda methodology involves verifying the authenticity of data on trading volumes on various exchanges based on six different parameters, including manual verification of information and comparison of order books.

FTX Global Website
FTX Global Website

In particular, the experts found out that some sites provided data on the volumes of foreign exchanges for their own, with a slight delay in time. Other platforms used more advanced techniques - for example, they introduced large fake volumes only against the background of many smaller orders, thus trying to hide the true state of affairs.

The main purpose of these tactics is to raise the platform higher in the CoinMarketCap rating, creating a false impression of its liquidity. It also sometimes allows for the ability to charge a higher listing fee.