In a conversation with Cointelegraph, the head of the largest Bitcoin exchange Binance Changpeng Zhao expressed the opinion that recent reports on fake trading volumes will have a beneficial effect on the industry.
According to him, the research of Bitwise Asset Management , The TIE and other companies should help the industry become more transparent. Also, according to him, one should not blame the popular Coinmarketcap service in market manipulation.
“CoinMarketCap is not involved in this, although everyone was trying to put the blame on him. This service has a very simple mechanism, where each exchange simply transmits its data, ” Zhao shares his thoughts.
The head of Binance is confident that cryptocurrency platforms should carefully monitor suspicious transactions, improve analysis methods and attach great importance to security issues.
“We joined the CoinMarketCap team to help the service provide accurate information. I also believe that sanctions are necessary: for example, the exclusion from the rating of exchanges that falsify data, ” he added.
Recently, an analytical resource CoinMarketCap confirmed that information about fake trading volumes on cryptocurrency exchanges is true. The service intends to introduce new metrics to combat inaccurate data. In particular, CoinMarketCap will track traffic from cryptocurrency exchange sites, cold and hot purse balances, as well as liquidity indicators
Earlier, BlockchainJournal has published material on how Bitcoin exchanges manipulate trading volumes.
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