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The Tie New Report: Cryptocurrency exchanges reporting suspicious trading volume

  • The platform gathered data from 97 exchanges.
  • “In total we estimated that 87% of exchanges reported trading volume was potentially suspicious,” The Tie.

A new report that was published by The Tie a trading analytics platform on March 18 reckons that cryptocurrency exchanges are reporting incorrect trading volume. The platform gathered data from 97 exchanges. The data revealed that the majority exchanges reported volume that did not come from their actual users.

“In total we estimated that 87% of exchanges reported trading volume was potentially suspicious and that 75% of exchanges had some form of suspicious activity occurring on them,” The Tie shared on social media.

The analytics platform continued:

“If each exchange averaged the volume per visit of CoinbasePro, Gemini, Poloniex, Binance, and Kraken, we would expect the real trading volume among the largest 100 exchanges to equal $2.1 (billion) per day. Currently that number is being reported as $15.9 (billion).”

The reported comes to prove previous accusations that have indicated that exchanges greatly exaggerate the reported trading volumes. CoinMarketCap was once blamed for increasing the confusion on the market because the listing on the site somehow is used to gauge the legitimacy of the exchanges. The CEO of Binance once queried:

"(CoinMarketCap) is [the] highest traffic website in our space, and [the] biggest referrer for all exchanges. Ranked high on CMC has benefits for getting new users. BUT at the expense of DESTROYING CREDIBILITY with pro users.”


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Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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