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Huobi discourages wash trading, plans to update its policies

Huobi Global claims the company does not take part in wash trading, CoinDesk writes. The company has reviewed its systems in response to Bitwise’s report regarding wash trading performed by cryptocurrency exchanges.

According to spokesperson speaking for Huobi Global CEO Livio Weng, Huobi “is not involved in any wash trading” as it contradicts its “core values.”

While Huobi says the review didn’t point to any systematic abuse, some markets might have been partaking in wash trading.

“We did identify a few of our market makers conducting what we suspect may have been wash trading for the sake of performance and marketing purposes,” the spokesperson said. “We have already communicated with these market makers and they have discontinued the strategies in question.”

In March, Bitwise reported that 95% of reported bitcoin trading volume had been artificially created by wash trading. It identified a number of exchanges that seemed to report genuine trade volumes; the list included Bitfinex, bitFlyer, Binance, Bitstamp, Bittrex, Coinbase, Gemini, itBit, Kraken and Poloniex.