The Binance scary truth: Trading volume falsification as exemplified by stacking Eth2 by 60 times the real volumeBinance's " Scary Truth" - those who have long been in the market and traded for a long time can provide many such "truths", since almost all cryptocurrency exchanges rig the trading volumes (falsify), and Binance is not a pioneer or leader in this, but by the number of lies - probably takes the honorable first place.
Let's consider the events of February 2021, namely the falsification of trading volumes on the example of stacking Eth2 in Binance casino:
Looking at the statistics of spot trade on two exchanges - Binance and Kraken, for 24 hours we see the following numbers on trade in ETH pairs:
- Binance - $31.4 billion
- Kraken - $1.6 billion
At these figures, Eth2 stacking amounts are as follows:
- Binance -300.000 ETH
- Kraken - 460.000 ETH
Nice? That is, Binance falsifies $31.4 billion in trades (almost 30 times the volume of trades overstated than on Kraker), and the stacking amount of Eth2 is 50% less than on Kraken. From this it follows that the real volume of trades on the ETH market at Binance Casino is not $31.4 billion, but only ... From that we have the following - Binance falsifies the volume of ETH trading 60 times more than it really is. Trading volume is easy to falsify, but the amount of Eth2 stacking is, unfortunately, impossible.
Sorry, you probably didn't quite understand this "scary truth" ... The falsification of trading volume is higher than the real one by 60 (!) times, not by 6 times, not by 10 times, but at least by 60 times. If we assume that Kraken has at least small part of "artificial volumes", and they exist on any exchange, the falsification of trading volume on Binance will be not 60 times but let's say 80-100 times more than the real trading volume.
If you think that such situation is only in ETH trading - unfortunately, almost all trading pairs in Binance are fake and fake volumes by 90-95%. That's the "truth" of the world's №1 exchange. Sylvian Reibes in his article "How top exchanges falsify volumes: Binance, HitBTC, Okex, Huobi" in 2018 could not have imagined what real and what fictitious volumes walk in Binance cryptocasino (and apparently in other "famous" exchanges).
Now it is clear why Binance bought CoinMarketCap and why the management of CoinMarketCap left the service after the sale to Binance exchange. And why the clown CZ and Guangying Chen (Heina Chen) the real owner of Binance did not want to disclose the location of Binance headquarters.