Chinese Financial Watchdog, NIFA, on Crypto Exchanges Manipulating Cryptocurrency Market

Recently, a renowned Chinese financial watchdog, the National Internet Finance Association of China (NIFA), warned against the increasing cryptocurrency investment risks. Its data analysis reveals that overseas crypto trading platforms usually fake trading volumes. Additionally, some trading platforms compare digital currencies to safe-haven assets like gold. The association also did a sampling analysis on trading data on some crypto exchanges and found out that the daily trading turnover rate for over 40 coins exceeds 100%. However, the daily turnover rate…