Forbes has published its new analysis of 157 cryptocurrency exchanges, finding that probably 51% of the reported daily Bitcoin exchange volume is fake. 

Basically, taking June 14 as the reference date, Forbes estimated that the global daily Bitcoin volume for the industry was $128 billion. This is, therefore, 51% less than the $262 billion that would be obtained by adding up the self-reported volumes from multiple sources.

Not only that, according to Forbes, the most problematic areas concerning fake volumes are companies that boast large volumes but operate with little or no regulatory oversight that would make their figures more credible, notably Binance, MEXC Global, and Bybit. 

Overall, the less-regulated exchanges in the Forbes study account for about $89 billion of the real volume (while $217 billion is claimed).

Source - https://blockchair.com/news/forbes-51-of-bitcoin-trading-volumes-on-cryptocurrency-exchanges-are-fake--5b692a40b8