Binance Changpeng Zhao, CEO of the Stock Exchange, told Cointelegraph that recent conclusions from The Tie and Bitwise Asset Management's false cryptanalysis volumes are useful for the entire cryptotext industry.
Changpeng Zhao, also known as CZ, said the conclusions of these studies would ultimately help make the industry more transparent. He also emphasized that false volume reports should not be associated with the CoinMarketCap page, which lists them based on data sent directly from the exchanges.
"It's not CoinMarketCap's fault. Everyone is trying to blame this page. But CoinMarketCap has a very simple volume-putting mechanism, where each exchange only gives it its data and they show them, ”Zhao explained. In other words, CoinMarketCap will only show what specific exchanges tell him. The problem is that most of them report false data and CoinMarketCap trusts them.
Therefore, Zhao suggested that CoinMarketCap could help solve this problem by stopping the volume of the exchanges, which appear to be clearly suspicious.
The Tie and Bitwise studies shocked the public
CoinTelegraph called on Zhao to interview after The Tie published a study that said that 87% of the volume of cryptanalysis reported by the world's 100 largest banks is fraud. Only 75 out of 100 of these exchanges seem to have genuine data (or near the truth).
The conclusions of The Tie study were supported by Bitwise Asset Management with even more shocking data. As part of its application for Bitcoin ETF approval, the company has developed its own study for the US Securities and Exchange Commission (SEC), which concludes that up to 95% of Bitcoin's trading volume is fraud. Bitwise subsequently accused CoinMarketCap of publishing these apparently false reports and affecting the entire market as they create a false impression of the true size of the Bitcoin market.
In its report, Bitwise has identified 10 exchanges that have a real volume of Bitcoin trading. These include the Binance Stock Exchange, a curious one from this list that does not have either the FinCEN or NYDFS regulatory license.
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