OKEx, a leading has refuted fresh claims of engaging in wash . The exchange came out to deny these claims through an official statement on September 23.
According to OKEx, the recent claims of wash report, in which it alleged to have discovered the cleanest . In the report, BTI also purported to have found the exchanges that have a habit of manipulating the market. made by the Blockchain Transparency Institute (BTI) were “not accurate and misleading”. OKEx made this statement after BTI published a
Per BTI’s report,
Since the start of 2019, global washhas reduced by 35.7% among the real Top-40 exchanges. The process of sharing our data reports with many of these exchanges has resulted in enhanced mechanisms for detecting wash accounts and shutting them down.
In its Top-40 list of the cleanest exchanges, Kraken, Coinbase, Poloniex and Upbit emerged on top. The report went on to state that OKEx and Bibox are the most notorious exchanges in terms of wash .
BTI’s Research Methods are Not Transparent
In its defense, OKEx argued that,
BTI’s research methodology is not transparent and they do not provide data to back up their claims.
OKEx added that considering it is a derivatives platform, its patterns of take an entirely different pattern to spot-only venues.
The exchange explained that derivatives is complex. As such, a single user could place thousands of trades through collocated machines. As a result, using retail-oriented metrics in any research related to it would be a case of comparing an apple to an orange.
Apart from accusing BTI of using deficient research methodologies and lacking comprehensiveness, OKEx said that,
We have asurveillance team working 24/7 to monitor the trades on OKEx. Any suspicious market manipulation such as self- will alert our system, the users involved will have their accounts suspended or terminated immediately. We also partner with companies and consistently upgrade our system to ensure that our market is healthy.
Before this, Bitwise published a report in March noting that 95% of the BTC volume at that time was fake. The firm reported these finding to the SEC as part of a proposed rule change for its application to launch a bitcoin ETF.
In its report, Bitwise said,
Under the hood the exchanges that report the highest volumes are unrecognizable. The vast majority of this reported volume is fake and/or non-economic wash.
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