Crypto exchanges are some of the most important institutions within the industry and this is because they are the avenue by which most people are able to acquire cryptocurrency and they also serve as a bridge between the fiat currency world and the cryptocurrency world. However, for many years there has been talk of cryptocurrency exchange volumes being fixed and in some cases, this has actually been proven. This has led to exchanges generally being under some level of scrutiny and suspicion, especially by those who are skeptical about the cryptocurrency industry in general.


In a bid to promote more transparency and honesty within the cryptocurrency industry, the Blockchain Transparency Institute (BTI) regularly releases their market surveillance report. On September 19, 2019, BTI released their fifth market surveillance report which shows that Kraken and Coinbase are some of the most clean exchanges within the industry.

Clean Business 

This market surveillance report has been published since August 2018 and uses its alogrithm to remove all wash trading on  exchanges and verify the reported exchange volume figures. Because of inflated trading figures, many investors within the industry do not have a clear view of just how much trading goes on a many crypto exchanges and can cloud their judgment on the ones to invest in.

“Since the start of 2019, global wash trading has reduced by 35.7% among the real Top-40 exchanges. The process of sharing our data reports with many of these exchanges has resulted in enhanced mechanisms for detecting wash trading accounts and shutting them down,” the report says. 

The report lists some of the cleanest exchanges in the business as Kraken, Coinbase, Poloniex, and Upbit. On the other hand, exchanges such as OKEx and Bibox have been listed as having some of the highest levels of wash trading reported according to the list. It was also noted that the United States and Japan have some of the highest levels of accurate data reporting in terms of crypto exchanges and this is not entirely surprising as they have a high concentration of exchanges for their regions.

“This can be due to several factors, the main of which is the legal and regulatory standards in these countries. However, stricter regulatory frameworks do not always produce the cleanest exchanges,” the report says. 

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