> There's no need to believe, it's all public data
Well I don't think you quite imagine the sheer amount of requirements a regulated exchange has to through.
Though I don't think major crypto exchanges (Binance, Coinbase,...) are blatantly cheating per se, they are still light years away from having the same level of compliance as traditional SEC regulated exchanges.
> if the orders were fake it would be known
Also, you seem to only consider obvious fraudulent behaviors, but there are literally millions of ways to exploit order flow when you're an exchange or broker, that are completely impossible to see from the outside.
Well I don't think you quite imagine the sheer amount of requirements a regulated exchange has to through.
Though I don't think major crypto exchanges (Binance, Coinbase,...) are blatantly cheating per se, they are still light years away from having the same level of compliance as traditional SEC regulated exchanges.
> if the orders were fake it would be known
Also, you seem to only consider obvious fraudulent behaviors, but there are literally millions of ways to exploit order flow when you're an exchange or broker, that are completely impossible to see from the outside.