Fake Volume on Crypto Exchanges Isn't the Half of It

Problematic Exchanges Outside of the 95%. It cannot be disputed there are issues with exchanges reporting fake volumes.

More questions need to be asked about two exchanges listed in the Bitwise report as having "Actual Volume."

The report to the SEC lists Binance and Bitfinex as two of the 10 exchanges that have actual crypto volume.

Neither of these two exchanges have normal banking relationships like others in the report do.

Claiming "a common institutional understanding of the true nature of the real market," the report cites the Institute and its research in identifying 56 exchanges with fake volumes.

All exchanges in the report are registered Money Services Business with FinCEN, except for Binance, which makes up by far the most - 40.47% of the total "Actual" crypto volume traded.

Why are the two largest exchanges in the report, Binance and Bitfinex, not more closely examined for their relationship with Tether, an unregulated and unaudited "Stablecoin?".

According to the Blockchain Transparency Institute, the exchanges with the least amount of faked volume are Binance and Bitfinex.

Bitcoin is not a mature, stable market if two exchanges without banking - and supported by an un-auditable, unregulated stablecoin - comprise half the "Real" cryptocurrency trading volume.

Half of the "Actual" BTC volume in this report is done on exchanges with no banking relationships and not enough in the way of compliance.