The National Internet Finance Association of China (NIFA), a self-regulatory organization set up by the Chinese People’s Bank, has said that crypto exchanges are counterfeiting the volume of transactions.
According to the analysis released on Thursday, NIFA said that the platforms use “robot software to alter data in order to create the illusion of ‘prosperity’ in the cryptocurrency trading market.”
“In our analysis based on data samples of some platforms, the daily trading rate for over 40 cryptocurrencies is over 100% of the currencies in circulation. In over 70 cryptocurrencies it exceeds 50%. Despite the relatively low price and low market value, there were massive trading volumes “,
said NIFA.
In addition, the authority pointed out that the entities behind the crypto exchanges are “relatively hidden”, and customers do not even know where the corporate headquarters are. Based on these elements, NIFA advised consumers not to engage in crypto trading activities.
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