Chinese Regulator Accuses Crypto Exchanges of Fraudulent Volumes

Cointelegraph | Apr 3, 2020 at 9:33 AM
  • The National Internet Finance Association of China (NIFA) warned investors that cryptocurrency exchanges located outside of the country are engaged in manipulative practices on April 2.
  • The People’s Bank of China (PBoC)-affiliated regulator cautioned investors that many off-shore exchanges wash trade to fake trade volume and engage in underhanded tactics to liquidate leverage traders.
  • NIFA accuses crypto exchanges both of tampering with volume data and operating bots to wash trade in a bid to create the illusion of “false prosperity”.