CoinMarketCap is under fire

The Blockchain Transparency Institute (BTI) has released its latest report on the quality of the existing exchanges. It also took a dig at CoinMarketCap (CMC).

CoinMarketCap is facing critique again. Recently, the BTI has published takeaways of a surveillance report. The latter verifies the accuracy of the reported exchange volumes. Among other things, it examines wash trading and true volume of coins.

Notably, the BTI report took a jab at CMC. The report reads, “CMC still lists numerous scam exchanges in its Top-10 “Adjusted Volume” rankings. Its Top-10 list includes LBank,, Bit-Z, Coinbene, and OEX, which our data is shows wash trading rates at high levels from 96.9% up to 99.7%.”

Besides, among the Top-100 exchanges on CoinMarketCap, 73 are currently wash trading over 90% of their volumes. Thus, only 25% of the exchanges on CMC display true information about their trade volume. And it seems like, according to the BTI, CMC is alright with it.

“This continues to be because CMC ranks exchanges by trading volume without any basic checks, which motivates trading platforms to report false data and rank higher, thus becoming more visible to users,” the BTI notes.

The BTI further advised that CMC should properly examine the exchanges’ data before publishing it.

This is definitely not the first time CMC receives such a fierce critique. In May, the American Asset Management, Bitwise, stated that the website’s volume numbers and other data aggregators in the industry are “surprising because they are wrong.”

Other aspects of the report

Currently, the BTI verified the following exchanges: UPbit, Liquid, Bittrex,, Lykke, Kraken, Poloniex, Coinbase. It also examined Binance, Gemini, Bitflyer & Indodax, bringing the total to 13. To that end, the four new exchanges are reportedly wash trading below 10%.

Additionally, the report revealed that the cleanest exchanges were Kraken, Poloniex (which is not loved by the community), Coinbase, and Upbit. In contrast, OKEx and Bibox topped the list of exchanges with the highest rate of wash trading. The two had an alarming rate of over 75% of fake volumes. However, they still appeared in the top 20 list due to their real volume percentage.

The BTI also stressed that the United States and Japan have the cleanest crypto exchanges. This can be ascribed to their legal and regulatory standards.

The report revealed that some individual tokens have been subject to wash trading. Bitcoin is reportedly being wash traded at 49.20%, Ethereum at 67.78%, Ripple at 57.46%. Tether and Bitcoin Cash were at 63.37% and 80.29% respectively. Find out about other coins here.



  1. “not loved by the community” Huh? Where do you get that crap from? Guess you haven’t invested in those exchanges huh? That was a totally unneeded comment.

    • Hi Justin!
      Thank you for your opinion. Please follow the link to our previous article on Poloniex for more information and find out what has spurred us to make this comment. Thank you 🙂


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