The general director of Huobi Global, Livio Weng, said that the Huobi cryptocurrency exchange has never been involved in faking trading trading volumes, as stated in the report of Bitwise Asset Management. It is reported by CoinDesk.
So, after the publication of the report, Huobi conducted an internal investigation, which resulted in no systematic problem.
We did identify a few of our market makers conducting what we suspect may have been wash trading for the sake of performance and marketing purposes. We have already communicated with these market makers and they have discontinued the strategies in question.
CEO, Huobi Global
In the near future, the exchange will make the necessary changes in its policy, as well as take additional measures to combat the increase in trading volumes.
Late March, Bitwise told the US Securities and Exchange Commission (SEC) that 95% of trading volumes on unregulated exchanges are fake and devoid of any economic sense.
This provoked a lively discussion around the CoinMarketCap analytical resource and the correctness of the data published on it.
Later, Bitwise said that the cryptocurrency market can be considered “healthy” if it will get rid of fake data.
Only 10 Bitcoin exchanges passed the original test of the company, Binance, Bitfinex, Coinbase, Kraken, Bitstamp, bitFlyer, Gemini, itBit, Bittrex and Poloniex are among them.