OKEx has refuted allegations that the exchange was engaging in wash trading which were recently asserted by the Blockchain Transparency Institute in their 5th surveillance report. The CEO of OKEx Jay Hao addressed the accusations today on Twitter, claiming that they are “false.” The same day, an exchange representative revealed that OKEx is preparing to launch Tether (USDT) margin futures next month.
Jao Hao blamed the methodology and lack of comprehensiveness of the report for the suspicious results of the research.
“A lot of different methodologies can be used to determine an exchange’s trading volume and yield different results. Some reports simply lack the comprehensiveness needed to deliver an accurate result.”
He pointed out that “using matrix relies on retail-oriented parameters such as website/mobile traffic is de-facto an apple-to-orange comparison.” Another OKEx representative, Andy Cheung, went further and added that the BTI methodology is “highly questionable, as there are no details as to how they came to these figures.”
According to the BTI surveillance report, “the cleanest exchanges over this time continue to be Kraken, Poloniex, Coinbase and Upbit,” while “OKEx and Bibox lead the exchanges with the highest percentage of wash trading in a real ranking of the Top-40”:
The “fake volumes of these exchanges exceed 75%, nevertheless, their real volumes (with wash trades removed) still place them in the Top-20 consistently.”
The same report also concludes that the global wash trading situation has much improved since the beginning of this year, having been “reduced by 35.7% among the real Top-40 exchanges,” thanks to “cooperation from many exchanges.”
The BTI research also asserted that “Japan and the United States lead the world in countries with the cleanest exchanges.”