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


South Korean Exchange, Coinbit, Accused Of Wash Trading 99% Of Its Volume; Profited Close to $84 Million

One of Korea’s largest cryptocurrency exchange is under investigation after the Seoul Metropolitan Police found evidence of wash trading of over 99% of its volumes. According to local reports from Seoul Shinmun, the police have seized Coinbit exchange headquarters in Gangnam district and some property around the country as investigations continue.

2020-8-26 19:46


Фото:

98% Of Trading Volume On Popular Crypto Exchanges Highly Suspected Of Wash Trading- New Research

A new report on wash trading activity on various crypto exchanges states that there is strong evidence to support that up to 98% of trading activity on some exchanges could be fake. The research conducted by Blockchain Research Lab analyzed existing data on 12 popular exchanges using key metrics such as web traffic, wallet sizes, […]

2020-8-26 13:47


Исследователи назвали биткоин-биржи с завышенным объемом торгов

Вплоть до 98% торговых объемов Ethereum (ETH) на крупных криптовалютных биржах созданы искусственно. Об этом говорится в исследовании аналитической компании Blockchain Research Lab (BRL). BRL Working Paper No 13 Wash Trading at Cryptocurrency Exchanges by ForkLog on Scribd Аналитики изучили ряд торговых площадок на предмет отмывочного трейдинга.

2020-8-21 15:41


Canadian Exchange Coinsquare Accused of ‘Wash Trading’ by Ontario Securities Commission

Canadian financial watchdog, Ontario Securities Commission (OSC), is accusing Coinsquare crypto exchange of market malpractices with a hearing on this case set for July 21. According to the OSC, CoinSquare took part in market manipulation activities by giving a false picture of trading volumes to its clients'.

2020-7-20 15:46


Bitcoin SV Volume is Heavily Manipulated, Data Finds

Timothy Peterson, CFA at Cane Island Alternative Advisors, tweeted about Coinmetrics’ recent findings on Bitcoin SV (BSV) transactions, which show extremely high levels of wash trading. Bitcoin Satoshi’s Vision, or Bitcoin Scam Version? Bitcoin SV, the cryptocurrency led by self-proclaimed Satoshi, Craig Wright, seems to have heavily manipulated transaction data, according to a report by Coinmetrics.

2020-2-1 01:30


Фото:

Binance is Faking Its Numbers, Claims Bitfinex Whale

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.

2020-1-10 21:10


OKEx CEO confronts BTI’s ‘false allegations’ regarding wash trading

OKEx, the Malta-based exchange, is one of the most active cryptocurrency platforms in the ecosystem, with the exchange catering to the needs of a host of clients, especially in Asia. The exchange is ranked 23rd in terms of adjusted daily volume, but has access to around 476 markets around the world, behind the likes of […] The post OKEx CEO confronts BTI’s ‘false allegations’ regarding wash trading appeared first on AMBCrypto.

2019-10-31 16:00


OKEx refutes allegations of wash-trading as it claims market structure is different from counterparts

OKEx, one of the largest exchanges by reported volume on CMC, was reported to be involved in wash trading, resulting in the representatives refuting the allegations. The September report of Blockchain Transparency Institute on wash trading stated that the “cleanest exchanges” over the course of 6 months were Coinbase, Upbit, Kraken, and Poloniex; exchanges that […] The post OKEx refutes allegations of wash-trading as it claims market structure is different from counterparts appeared first on AMBCrypto.

2019-9-23 11:49


Фото:

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.

2019-7-25 00:00


Crypto is useful enough to create a whole new future, says CZ as he addresses wash trading concerns

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.

2019-7-11 00:30


Фото:

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.

2019-7-3 22:24


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