Binance Changpeng Zhao, the boss of the exchange, also pointed out the results of The Tie, but he had an extra reason - his market was doing very well - as opposed to ¾ of the .
The Tei first ranked the exchanges according to what volume they reported over the past 30 days. For example, Bithumb, who reported $ 28 billion, came first. The second was BitMex with 21 billion and the third was Binance with 21 billion USD. The table has been ranked 100 of the largest volumes reported by volume.
Subsequently, based on the traffic statistics offered by the SimilarWeb portal, the volume divided by the number of visitors to each of the individual exchanges was reported, and "Reported volume per Visit" was reported. For example, with Binance, $ 21 billion reported over 28 million site visits. This resulted in an average volume of sales per visit. With Binance, $ 750 per visitor came out. But with Bithumba up to $ 13,000. Well, such a CHAOEX, allegedly the 29th largest market, has a "really" great trejder - according to this, their average volume is almost $ 400,000 per visit.
The study then continued with the addition of the Expected Volume column, which was calculated based on the average trading volume generated by Binance, Coinbase Pro, Poloniex, Gemini and Kraken. They have been chosen because they are among the best known, most respected, have a good reputation and have consistent business volume reporting figures. Based on the calculation, the authors of the study found that the average volume per visit is $ 591. The value of the 'Expected Volume' for each Exchange was thus calculated by a multiple of 591 and the number of visitors to that Exchange per month.
On the contrary, Bithumb, a exchange with allegedly the highest monthly volume, was catastrophic, which, according to these conclusions, has a real volume of just 4% of what it says. Well and BitMex has only shocking 0.84% and OKEx less than 6%.
Final study summary
Average daily volume reported by exchange offices:
$ 15.8 billion
Calculated Real Volume:
$ 2.1 billion
Percentage of likely "fake" volume:
Exchange with Suspicious Volume (of 100): 75
Exchange with normal volume: 25
Percentage exchange with fraudulent volume: 75%
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