Binance could be wash trading statistics from their October 23rd activity has revealed. The world’s largest exchange has seen some peculiar and potentially dubious statistics come to light. 

Bitcoin has fallen, most clearly on the 25th of September and another drop in price on October 23rd at around 12:40pm UTC.Bitcoin price volatility is usually seen in the statistics of exchanges. 

To elucidate, OkEx saw its BTC spot price decline by 5% within the initial 4 minutes session on October 23rd and the quarterly Futures contract, dumped by 6.2% during the same time window. Huobi and Bitmex saw similar statistics. Yet Binance has given largely different and more puzzling reports. Are they doing wash trading? 

Binance Wash trading the stats

Trading volume usually changes when the market is volatile.The figures show below, OkEx, Bitmex and Huobis trading figures for the price drop on the 25th September and 23rd October showing a trading volume shift. 

BitMEX
Okex
Huobi

Yet, Binance figures for the dates of Bitcoin price drops the trading differential is not as large or remotely similar. The October 23rd date illustrates this. 

The evidence of suspected foul play does not end there, it only increases when you look at the data for a 4 hour period. 

Bitmex
OKEx
Huobi

The statistic in terms of Bitcoin traded remains largely similar between Bitmex (30K-100K), Huobi (20K-70K) and OkEx (20K-80K). Binance, on the other hand, is vastly more stable and is much lower at just 5K. The pattern is also different.

Order book depth also brings up questions. As the figure below shows, BitMex had a quote size around 100 BTC on average ( [bid size + ask size] / 2), OKEx around 60 BTC while Binance was merely less than 2.5 BTC. 

Bitmex
Okex
Binace

How can OkEx and Binance’s futures trading volume have Binance showing a greater amount yet their order book be less? Has the trading been washed away? 

We will have to wait what Binance and the Blockchain transparency institute (BTI), have to say. But for us there is a lot of evidence mounting up. What do you guys think? Let us know below.