Home News Exchange Binance Shines As Most Transparent Exchange in Rankings of Blockchain Transparency Institute

Binance Shines As Most Transparent Exchange in Rankings of Blockchain Transparency Institute

August 29, 2018 17:59
transparency

Binance, which usually remains among the top #3 crypto exchanges globally by 24-hr trading volume, has now emerged as the leader in terms of transparency as well. In the latest exchange rankings published by Blockchain Transparency Institute (BTI) the Malta-based exchange has emerged on the top for maintaining utmost transparency and honesty in its dealings. Closely following it are Bitfinex and Coinbase Pro in 2nd and 3rd spots, while Bithumb, Kraken, Huobi, Bitstamp and OKEx rank #4, #5, #6, #7 and #8, respectively.

BTI is a group of blockchain researchers who aim to establish more honesty and transparency in crypto sphere with their efforts. These exchange rankings are also an integral part of those efforts. And there’re a number of interesting things in their rankings, which we’re going to explain for you here in plain English.

The largest suspects

According to BTI the largest suspects in top #10 of their exchange transparency rankings are ZB Exchange and Lbank. BTI feels based on its data and analysis that these exchanges are over-reporting their volumes with help of wash trading by 390x and 4,400x respectively. Until this is proven wrong, you’ll be better off avoiding trading on these exchanges.

The prominent suspects

While ZB and Lbank seem two of the biggest offenders, they’re not very prominent in crypto space. The most prominent suspects in rankings of BTI are Huobi and OKEx, which according to Ribes data seem to be faking 80-90% of their total volume and according to BTI seem to be over-reporting their volume by 12x – 19x. This is shocking, and till now nothing has been said by either of these companies in this regard.

The most transparent Decentralized Exchange

Among decentralized exchanges Waves has emerged as the most transparent Dex in rankings of BTI. While it ranks 29th in overall rankings, among decentralized exchanges it ranks the highest. There may be a lot of talk in favor of decentralized exchanges, but the low overall ranking of Waves suggests how long these exchanges need to go in terms of transparency.

Transparency by geographies

If seen in a geographical manner then Coinbase has emerged as the most transparent exchange in United States, while in Korea the crown of transparency goes to Bithumb with Upbit coming 2nd. Upbit, however, has contacted BTI and asked to include its mobile user app count into calculations. BTI has also asked other exchanges to contact it without any hesitation if they want to do so, which will help in the creation of a more accurate version of rankings to be published in September. Now it will be very interesting to see how different those rankings turn out to be.

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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