Hashkey overtakes Binance in Bitcoin Trading Volume which has sparked speculations about the exchange’s trading practices which are being considered suspicious.
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Hashley Exchange overtook Binance in Bitcoin Trading Volume
Crypto exchange HashKey witnessed a huge surge in trading activity in the BTC/USD and ETH/USD pairs, sparking concerns of potential wash trading.
Hong Kong’s regulatory-compliant exchange, HashKey, has drawn attention as its 24-hour Bitcoin trading volume skyrocketed to an impressive $3.48 billion, bringing its total volume to $4.21 billion and putting it in close competition with industry giant Binance.
HashKey’s Trading Practices
Wash Trading
The sudden increase in trading volume has raised suspicions of wash trading. In this practice, market makers engage in repetitive buying and selling of the same tokens to artificially boost activity.
Questions about the legitimacy of these activities and their compliance with Hong Kong SFC regulations have emerged.
CoinGecko Trust Score
An in-depth analysis reveals that CoinGecko, a reputable cryptocurrency data aggregator, has assigned HashKey a highly untrustworthy trust score for BTC/USD and ETH/USD pairs.
This trust score measures the number of orders or transactions to estimate liquidity, adding another layer of skepticism regarding the exchange’s trading practices.
HashKey’s Reaction
HashKey Exchange’s Chief Operating Officer, Livio Weng, responded to the unexpected surge, acknowledging unusual transactions during the event. He emphasized the exchange’s commitment to maintaining a fair and transparent trading environment.
Weng assured that any cheating or manipulation would be thoroughly investigated and eradicated to preserve the platform’s integrity.
Implementation of Zero-rate fee
Weng also mentioned the implementation of a zero-rate fee and HSK activity incentives, contributing to the notable increase in transaction volume and significantly improving liquidity on the platform.
Expressing enthusiasm about the positive response from the HashKey community, Weng highlighted ongoing efforts to optimize event policies, ensuring a seamless and rewarding experience for users.
Conclusion
To conclude, the speculations regarding the trading practices of the Hashkey exchange after overtaking Binance’s Bitcoin Trading Volume have been cleared by the Exchange and the community is supportive and positive towards the exchange’s enthusiasm.
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