A recent report by the Blockchain Transparency Institute has ranked Indian cryptocurrency exchange Bitbns among the most transparent cryptocurrency exchanges in the world. Bitbns is ranked 32nd in a total list of 48 cryptocurrency exchanges. Notably, Bitbns is the only Indian cryptocurrency exchange present on the list.
In the ranking report, Binance is featured as the most transparent cryptocurrency exchange whereas Coinbase is placed at 5th position. Bitfinex and Upbit take the 2nd and 3rd position respectively.
Speaking about the methodology, Blockchain Transparency Institute said:
We’ve taken a deeper dive into specific trading pairs on exchanges which are showing clear evidence of wash trading. This has always been our goal, however we wanted to make sure this data was as accurate as possible, so we’ve been updating and perfecting these algorithms over the past 3 months. During this time, we have spent countless hours watching order books, analyzing volume data points, and speaking with market makers, high frequency traders, and trade surveillance consultants. We have collected an enormous amount of data and we now feel confident to begin releasing these figures. Also coming out of this data, we have discovered 4 different bot strategies which are used to inflate exchange volume numbers.
It is good to see an Indian cryptocurrency exchange making the list of the most transparent exchanges. This shows that our exchanges are standing tall with the best in the world!
(Image Credit: Bitbns)