No, CoinMarketCap did not "remove evidence of wash trading on Binance": they removed an utterly skewed metric for every exchange. The new CMC ranking is a clear and factual improvement over the previous one.
Regarding this clickbait thread: CoinMarketCap removes evidence of wash trading on Binance. I know this isn't gonna go in the herd "bash Binance" mentality around here, so I'll prepare myself for the sheep downvotes. For the record, I'm a bot trader and have been actively developing bots on Binance, Upbit, Bittrex, Bitmex, Huobi, FTX for almost 3 years. Binance remains my go-to among all those for a lot of reasons. Whether I'm partial to them I'll leave to you, but I like to think the below points are fair. Here we go:
CoinMarketCap did not "remove evidence of wash trading on Binance": CoinMarketCap removed an "Adjusted volume" metric that would reduce the actual volume of an exchange based on CMC's analysis of wash trading on that exchange. It was an ultimately skewed metric, as anyone could see from the bullshit ranking prior to Binance's acquisition.
After the acquisition, they then tried to replace the metric with another one: an analysis of web traffic on each exchange, to try and make sure exchanges at the top are actually used (and not just bots wash trading forever). There's no guarantee this will be the best metric, and CoinGecko's Trust score might prove to be better, but it is a clear improvement over the previous adjusted volume.
Yes, this change in metric does put Binance at the top of the ranking. But so does CoinGecko's ranking. No matter how shady you think Binance is, its top spot in both rankings isn't undeserved.
Yes, acquisitions between powerful players do raise concerns of centralization and abuse of power, but so far there is no clear evidence for it.
Now, to anyone reading this: are you actually going to try to argue that this looks worse than that? In your neverending hatred and bashing for Binance, you would want newcomers to put their money on BKEX, LBank or CoinsBit instead of Binance, Coinbase or Kraken? Edit: And I actually forgot the worst of all: the only reason Binance's adjusted volume was less than its actual volume is because its derivatives volume wasn't counted. Proof at the bottom of the exchanges page in February:
\ Adjusted Volume - Volume from* spotmarkets excluding markets with no fees and transaction mining
@cz_binance: 1 It's the standard way in traditional exchanges 2 We like to “hide” our volume so that we are not seen as that much bigger. But we choose this from our day 1, when we were very small. Do we do wash trading? No. 2/2
@cz_binance: @BecauseBitcoin @alex_dreyfus You don't understand how exchanges work. When you are NO1, you don't do wash trading. In fact, we were wrongly ranked around #15-30 on CMC for a long time, never bothered us. We know we have volumes, and our users know too.
No, CoinMarketCap did not "remove evidence of wash trading on Binance": they removed an utterly skewed metric for every exchange. The new CMC ranking is a clear and factual improvement over the previous one.
Why does someone keep wash trading nuls with big volume on binance
Has been happening for the last couple of months 1 day out of every week or two someone is wash trading huge buy walls into huge sell walls back and forth. Anyone else watched one of these kinda funny.
@cz_binance: @stavros20151 We have a full team and all kinds of AI to prevent wash trading and "manipulation" on the platform. Definition of manipulation itself is constant being re-examined too.
@cz_binance: RT @BTI___: Latest BTI report! We've been able to reduce global top 40 exchange wash trading by 35% since we launched the BTI Verified program in April. New BTI Verified exchanges include @binance, @Gemini, @bitFlyer, and @indodax. See the full September report: https://t.co/UGqm6CXHl9
Binance reserves the right to disqualify trades that are deemed to be wash trades or illegally bulk registered accounts, self-dealing or display attributes of market manipulation. Binance reserves the right of final interpretation of the activity. Malta-based cryptocurrency exchange Binance – one of the largest in the world in terms of volume – has been named in the Blockchain Transparency Insitute’s April 2019 Market Surveillance Report as one of the exchanges on which wash trading has occurred. The most recent market surveillance report from the Blockchain Transparency Institute claims that Binance, the world’s biggest cryptocurrency exchange by trading volume, shows signs of wash trading.. Cryptocurrency trading volume is fabricated. The Blockchain Transparency Institute (BTI) is a group of blockchain data researches who aim to bring more transparency to the cryptocurrency market. Awash in A Fake Volume Industry, Binance Comes Out (Relatively) Clean. With over ten percent of reported fake volume, Binance is no longer considered a verified exchange. Notably, the BTI identified around 30 pairs on the exchange in which between 25 to 75 percent of trading was wash traded. We have reached out to Binance for comment. Binance’s reputation has held steady throughout the volume scandals: and Crypto Briefing sources at the company have offered compelling reasons why CZ has every motivation to be a solid crypto citizen, legitimizing and the industry and bringing it to maturation. The fact that BTI reports Binance suffers from about ‘only’ 13% of wash trading, confined largely to 30 pairs, is not yet cause ...
The decentralized exchange launched by Binance has at least one pair with fairly easy to detect wash trading. The token of the Binance-backed project Travala (AVA) is one of the highest volume ... This video is unavailable. Watch Queue Queue. Watch Queue Queue Binance, a name that has quickly became synonymous with cryptocurrency, has set itself up to continue their path as the leading exchange. Although, Binance is not what it seems. The company is ... Not all exchanges are wash trading however and there is a lot of exchanges that are actually legit. The major volume exchange without any wash trading were: Binance, Bitfinex, Upbit, Kraken ... 🔵 FAKE Trade Volume (95%!) on CoinMarketCap! These are real standings: BTC#1, EOS#2, ETH#3, BNB#4 - Duration: 9:23. Colin Talks Crypto 3,388 views
