Posted 9/26/2023, 11:11:44 AM
Report: Crypto Exchange Bitspay Falsely Claimed Estonia License, Part of Pattern of Dubious Volumes Among Exchanges
- Crypto exchange Bitspay claimed to have license in Estonia, but erased info after questioned
- Bitspay reports $1.4B daily trading volume on CoinMarketCap, but only has 400 followers
- Estonia says Bitspay's license was only valid for under 1 year until 2020
- Other exchanges like Topcredit and Bika also report huge volumes but won't discuss background
- CoinMarketCap says it relies on self-reported data, urges users to do own due diligence
- Past studies found over 85% of reported crypto volumes appear suspicious or fake