Crypto.com Denies Being an Exchange in Volume Plunge after BlockTribune Wash Trading Report
A Crypto.com spokesperson demanded BlockTribune edit its prior article showing evidence of wash trading when its volume precipitously dropped upon publication. This request follows a recent analysis indicating significant discrepancies in trading activity on the platform, raising concerns among investors regarding its legitimacy as a cryptocurrency trading platform.
The previous report detailed findings from a study based on methodologies established by the SEC, which suggested that upwards of 70% of the trading volume for popular cryptocurrency pairs on Crypto.com might lack genuine economic value. Despite the alarming conclusions drawn from the analysis, Crypto.com has consistently denied any involvement in wash trading.
However, subsequent developments have intensified scrutiny of the platform. BlockTribune’s analyst summary of an updated report indicated a staggering 70% drop in trading volume on Crypto.com since the initial report was released. This sharp decline raises significant concerns about the authenticity of previous trading activities, potentially undermining trust in Crypto.com.
The press spokesperson objected to the characterization of Crypto.com itself as an “exchange” in the original story. While the spokesperson emphasized that the platform does not classify itself as a U.S. cryptocurrency exchange, the company’s website contains numerous mentions or indications of exchange-related services..
In response to inquiries about the volume drop coinciding with the BlockTribune analyst’s report, the Crypto.com spokesperson explained, “The market drives volumes up and down.”
BlockTribune has edited the earlier story to link to this one to explain the change of description of Crypto.com pursuant to their urging.
