What is wash trading?
The report published by BTI on September 19 accused many exchanges, especially the OKEx crypto exchange, of wash trading. What is wash trading?
The report published by BTI on September 19 accused many exchanges, especially the OKEx crypto exchange, of wash trading. What is wash trading?
In the report prepared by the Blockchain Transparency Institute (BTI), OKEx and Bibox exchanges were accused of doing wash trading (dirty trading). In fact, it is claimed in this report that 99.7% of OKEx exchange’s transactions are fake. In the report, we see the remarkable data on the subject in the table below.. OKEx responded harshly to the allegations of dirty trading on the crypto exchange.
Dirty trading is actually a form of trade that is both illegal and against business ethics.. However, the fact that cryptocurrency exchanges are not yet fully regulated markets causes some vigilantes to resort to immoral methods.. Some exchange owners can open fake accounts and perform instant and fake trading on the exchange to show the trading volume on their exchanges high.. In this way, they show high transaction volumes.. While performing these transactions, some exchanges also use special software programs.. In this way, they trade at the same price in seconds.. The purpose is to see friends in shopping. CoinMarketCap lists exchanges by trading volume. Exchanges want to be at the top of this list.
Some small cryptocurrencies can also apply to the dirty trading method.. By opening fake accounts on some exchanges, it can increase the trading volume of its own cryptocurrencies.
OKEx Exchange reacted sharply to the report prepared by BTI.. He called the report “inconsistent and biased”. He claimed that the related report confused apples with pears.. It was stated that the methodology used by BTI contains inconsistencies. OKEx emphasized that they constantly monitor the transactions on the exchange and do not allow manipulative transactions.
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