Crypto Exchange Wash Trading Stats Depict Worrying Picture
Crypto platforms with 70% total reported volume of wash trading moved up by 46 positions in rankings. It’s no secret that wash trading continues to plague the crypto market. A paper titled “Crypto Wash Trading,” published by the National Bureau of Economic Research (NBER).
The nonprofit research organization studied 29 major exchanges, such as Binance, Coinbase, and Huobi, as well as lesser-known exchanges from a period of July 9th to November 3rd, 2019. Based on the rank of third-party websites, representativeness, and API compatibility, the crypto exchanges were classified into Tier-1 (ranked in the top 700 in the finance/investment section of SimilarWeb and Tier-2.