Malta-based cryptocurrency exchange OKEx has vehemently denied taking part in wash trading to mimic inflated volume, despite claims from the Blockchain Transparency Institute.
The exchange’s head of operations, Andy Cheung, took to Twitter to refute the BTI’s allegations, which included claims that OKEx was one of the leading exchanges in terms of wash trading alongside Huobi and Bibox.
The BTI’s report stated: “On the other side, OKEx and Bibox lead the exchanges with the highest percentage of wash trading in our real ranking of the Top-40.”
Cheung replied: “We are NOT involved in and do NOT tolerate any wash trading activities at OKEx. The BTI surveillance report is FALSE.
We are NOT involved in and do NOT tolerate any wash trading activities at @OKEx. The @BTI___ surveillance report is FALSE.
— Andy Cheung (@AndyC0125) September 23, 2019
“The methodology used is highly questionable, as there are no details as to how they came to these figures. Block Transparency Institute doesn’t seem very transparent on their website.
“Considering our unique market structure, one cannot expect to use a methodology that lacks comprehensiveness to yield an accurate result. You don’t measure everything with the same ruler.
“At OKEx, we have a lot of customers which are professional trading firms, proprietary traders, and high-frequency trading firms. Which is quite different from a lot of retail-oriented exchanges.”
OKEx currently averages a daily trade volume of around $700 million, with 20% of that coming from the BTC/USDT trading pair.
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