UPbit announced that it was ranked 3rd globally based on monthly exchange volume report published by BTI (Blockchain Transparency Institute).
During this monthly period, UPbit recorded $241 million in 24-hour exchange volume which made it top-ranked cryptocurrency exchange in South Korea. As BTI started applying data from mobile applications and API transactions to its reports starting from December and excluding exchange volumes that are suspicious of wash trading, UPbit’s ranking jumped from 7th place to 3rd place.
BTI has been publishing cryptocurrency exchange ranking based on its data analysis since August to improve transparency and credibility of blockchain and cryptocurrency market.
“We know that BTI has continued to enhance its system for analyzing cryptocurrency exchanges such as developing an algorithm that can pin-point wash trading.” said a representative for UPbit. “Providing accurate information on cryptocurrency exchanges is very important for protecting investors.”
Staff Reporter Gil, Jaeshik | osolgil@etnews.com