binance ceo zhao on fake crypto statisticsTrading volumes have been a hot topic in the crypto community these days. Recently the trading volumes displayed by most exchanges have been targeted with a lot of scrutinies. This is mainly because of the fake and real trading volume problem.
Although many people have pointed fingers and given logical reasoning regarding the issue the most recent tweet by Binance’s CEO Changpeng Zhao has been getting the spotlight.
Binance’s CEO has clearly voiced his displeasure over the fact that most of the crypto exchanges that display their trading volumes to be more than Binance’s are wrong. His allegations are also proven by the fact that Binance really is the most popular crypto exchange in the world.
What this allegation suggests is that all of the displayed trading volumes by these exchanges are fake. There is sufficient evidence to prove that binance has more trading volume than most of the ones in the market nowadays.
This is getting a little out of hand. The exchanges above fail to realize:
CREDIBILITY is the most important asset for any exchange!
If an exchange fakes their volumes, would you trust them with your funds? pic.twitter.com/LAizwYAJoC
— CZ 🔶 BNB (@cz_binance) April 6, 2019
Despite this, it still has an eighth position on the trading volumes chart. Above it are crypto exchanges like CoinBene, OOOBTC, HitBTC, and Coineal. These exchanges display their daily trading volumes to be almost five hundred million dollars ($500 million)
The CEO of Binance then went on to emphasize the importance of reputation and reliability in doing business in crypto space. He said that these exchanges should know that faking things in business will make them lose their customer’s trust.
However, he did not want to make things serious and just wanted to let people know the true consequences of what their wrongdoings can cause.
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