It is common knowledge that the world of cryptocurrencies is filled with volatility, market turbulence, as well as manipulations. From wash trading to Ponzi schemes, crypto enthusiasts witness it all, time and again. The recent report published by the BTI (Blockchain Transparency Institute), however, somewhat comes as a breeze for the crypto community. BTI’s recent market surveillance report lists out the cleanest digital currency exchanges present around the world, helping traders make the right choice.
As per the BTI’s reports, Coinbase and Kraken have attained themselves the crown of the cleanest exchange. Joining them, Upbit and Poloniex have also made it to the list. On the contrary, Bibox and OKEx, are the crypto exchanges that have the highest wash trading rates, reveals the report.
The report, released on September 19, 2019, is the 5th such edition by the institute. It authenticates reporting of crypto exchange’s volumes.
Divulging further insights, the report notes that there is a reduction of 35.7 percent in wash trading across the world among the genuine top 40 crypto exchanges since the beginning of this year. It also claimed that as they share their data reports with numerous of these crypto exchanges, there are now improved mechanisms for identifying and shutting down the wash trading accounts.
Moreover, the report’s findings state that the US and Japan are the world-leaders when it comes to being home to exchanges with the most accurate reporting. It could be because of several factors, primarily the stringent regulatory and legal standards that these nations have. The report further explained,
However, stricter regulatory frameworks do not always produce the cleanest exchanges.
BTI began releasing reports since August last year. Thanks to BTI’s proprietary algorithm, all the wash trading is cleaned from the volumes of exchanges, providing a clear picture to both the exchanges and the traders.