Report: Binance US rejects claims it engaged in wash trading

Report: Binance US rejects claims it engaged in wash trading
фото показано с : invezz.com

2023-7-24 13:38

Binance US, the entity owned by Changpeng Zhao (CZ), was rife with wash trading that inflated its volume. Wash trading is a phenomenon where a person or a group of people trades among themselves in a bid to manipulate an asset’s price.

According to the WSJ, CZ confirmed that the $70k worth of Bitcoin that exchanged hands on its first day came in the US came from its affiliated entities. The WSJ cited internal emails from the company.

The report came less than two months after the Securities and Exchange Commission (SEC) filed a wide-ranging lawsuit against Binance. One of the allegations was that Binance used Sigma Chain, a company owned by CZ to manipulate this volume. Binance has rejected these claims. In a statement, a representative said:

“We strongly believe that the SEC’s allegations regarding wash trading are entirely unfounded, and based on a fundamental misunderstanding of the facts and a misapplication of the relevant law.”

Analysts believe that wash trading is rife in the crypto industry. A report by the Center for Economic Policy Research (CEPR) showed that over 70% of all reported volumes in unregulated exchanges were wash trades.

Wash trading is also rife in the non-fungible tokens (NFT) industry. Recent data showed that over $30 billion of NFT trading on Ethereum was wash trading.

Most importantly, wash trading was one of the top reasons why FTX collapsed. The company used Alameda Research, its hedge fund, to manipulate volume in FTX. Most importantly, Coinbase, a regulated exchange, was fined by the CFTC for wash trading it engaged in in 2016.

The post Report: Binance US rejects claims it engaged in wash trading appeared first on Invezz.

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Источник: invezz.com

wash trading → Результатов: 126


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A Bitcoin whale has come forward to claim that a few exchanges are faking their numbers. One of them is Binance. It’s no secret that the cryptocurrency market is rife with wash trading. In fact, the vast majority of cryptocurrency trading is fake—by some estimates, around 95% according to a BitWise report, which came out […] The post Binance is Faking Its Numbers, Claims Bitfinex Whale appeared first on BeInCrypto.

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Will CoinMarketCap Ever Provide Accurate Crypto Data?

A recently published Forbes report found that CoinMarketCap continues to list exchanges that are known for providing fake crypto trading volume. Does this mean CoinMarketCap has given up on providing reliable data to investors? Fake Volume and Wash Trading Persist In early 2019 two separate research reports from Bitwise Asset Management and Alameda Research found that 65% to 95% of all reported cryptocurrency trading volume is manipulated or completely false.

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Binance launched its decentralized exchange in March in order to foster the crypto industry’s long-term vision of peer-to-peer trading. Changpeng Zhao or more popularly known as CZ, CEO of Binance, spoke about his long-standing critic, Nouriel Roubini’s take on the ailing problem with exchanges such as wash trading and fake trading volumes, in an interview […] The post Crypto is useful enough to create a whole new future, says CZ as he addresses wash trading concerns appeared first on AMBCrypto.

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Report: The Secrets Behind Crypto Exchange Wash Trading

FTX Global — a cryptocurrency trading firm, say they have uncovered the dirty tricks employed by certain crypto exchanges to inflate their trading volume. 68% of Cryptocurrency Trading Volume is Fake In a blog post published on its official Medium account, FTX provided details about new research into crypto wash trading carried out in conjunction with Alameda Research — a liquidity provider.

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HitBTC partners with CoinGecko to fight fake volume amidst liquidation, wash trading accusations

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BNB And XRP Sits atop April List of Least Wash Traded Cryptos in the Market

The Blockchain Transparency Institute (BTI) has just published a new report of the top 500 coins in the market, ranking them by wash trading volume. This report shows that of the top 10 biggest coins in the entire crypto market, the Binance Coin (BNB) and XRP are the assets with the lowest amount of wash […] The post BNB And XRP Sits atop April List of Least Wash Traded Cryptos in the Market appeared first on ZyCrypto.

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Understanding the Term ‘Wash Trading’ Inside the Cryptocurrency Exchange Activities

According to Investopedia, wash trading is a “process whereby a trader buys and sells a security for the express purpose of feeding misleading information to the market.” One sign of wash trading is when the trading volume of a financial instrument increases where there is no sign of market demand beforehand. Further, the increase in […]

2019-5-5 00:47


Wash Trading: More than 80% of TRON and ETC Trading Volume is Bogus – BTI Report

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Two of the most defining traits of current crypto market is its volatility and manipulability. One of the most skewed and distorted metrics is trading volume on exchanges. There are vested interests of both the exchange and crypto project to wash trade and artificially inflate the trading numbers and project a picture of a legit […] The post Volume manipulation: BAT, Ravencoin, Binance Coin and Enjin among the most honest projects appeared first on CaptainAltcoin.

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OKEx подтвердила информацию о фейковых объемах торгов

Представители OKEX согласились с отчетом Bitwise, признав, что у биржи серьезная проблема с искусственно раздутыми объемами торгов. Так, в разговоре с Crypto Briefing директор OKEx по финансовым рынкам Ленникс Лаи отметил, что на данной платформе распространена практика wash trading, создающая видимость активности на рынке и способствующая искусственному завышению объемов торгов и цен.

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OKEx Discusses Artificially Inflated Wash Trading Volumes in the Crypto Market After Bitwise Report

In a recent report released by Bitwise, the company showed how different cryptocurrency exchanges perform wash trading activities. One of the platforms that was mentioned in this report is OKEx. During a conversation with Crypto Briefing, the Director of Financial Markets for OKEx, Lennix Lai, confirm that there is suspicious activity on OKEx. OKEx Acknowledges […]

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