Crypto firm claiming $1.4B in trades on CMC flashes reportedly fake license data
A number of cryptocurrency platforms reporting billions of dollars in daily trades on CoinMarketCap appear to have been misleading their customers about holding certain crypto licenses, an investigation by Cointelegraph has found.
Bitspay, a crypto exchange that reports a $1.4 billion daily trading volume on CoinMarketCap, claimed it held a license in Estonia, and is regulated under Estonian law. However, after Cointelegraph reached out with questions about this license, the company swiftly erased its reportedly fake license data.
At the time of writing, Bitspay is the fourth-largest crypto exchange by daily trading volume on CoinMarketCap, following platforms like Binance, BitForex and Topcredit International.
According to Bitspay’s page on CoinMarketCap, it is a centralized exchange (CEX) based in Estonia. The exchange was launched in 2020 and claims to be regulated under the Estonian “Anti Money Laundering Counter-Terrorism Financing Act 2019,” which appears to be referring to the country’s Money Laundering and Terrorist Financing Prevention Act.
Bitspay also claimed it was licensed and regulated by Estonia’s Financial Intelligence Unit (FIU). “Bitspay Limited registered with the registration number FVR000796, under the Laws of the Republic of Estonia,” the firm stated on one of its domains, Bitspay.io, until it erased the information immediately following Cointelegraph’s inquiries.
Contacted by Cointelegraph, Estonia’s FIU reported that Bitspay didn’t hold any valid license in Estonia. “We took a look into it, and it seems that the license number which they have previously announced refers to an Estonian company, Globe Assets OÜ,” a spokesperson for the FIU said in a statement on Sept. 21. The license was also valid for less than a year, from March 2019 until January 2020, the representative noted.
The FIU didn’t respond to additional questions about Bitspay’s legal status in Estonia.
Bitspay was showing its website visitors information on the license mentioned above until at least Sept. 18, 2023. The firm subsequently rebranded its website from the briefly unavailable Bitspay.io to Bitspay.global on Sept. 21, removing all data about being registered or regulated in Estonia.
At the time of writing, Bitspay has not provided any information about its registration or license status on its new website. The exchange also claims on its website that its daily trading volume amounts to 65,249 Bitcoin (BTC), or $1.7 billion. However, the exchange appears only to have around 400 followers on X (formerly Twitter) and some 16,000 members on its Telegram channel.
Kelly Nova, who is said to be the founder and CEO of Bitspay, told Cointelegraph that the exchange is working on licenses in both Estonia and the United Kingdom. “We have some copyright issues, and that’s why we closed the Bitspay.io domain,” he said. The exec didn’t respond to Cointelegraph’s request for further information about Bitspay founders or why the firm previously claimed to have a license in Estonia on its website.
Bitspay appears to be far from the only platform reporting massive trading volumes on CoinMarketCap despite little being known about its licenses, founders or background. Exchanges like Topcredit, which reports $1.8 billion in daily trading volume on CoinMarketCap, and Bika, which reports $1.2 billion, have been unwilling to talk to Cointelegraph about their background and founders.
“We have long been aware that self-reported data can be problematic, but APIs are the only viable source for data collection,” a spokesperson for CoinMarketCap told Cointelegraph.
The representative also referred to the website’s scoring system, pointing out that platforms like Bitspay, Topcredit or Bika have a significantly lower score than major exchanges like Binance, which has owned CoinMarketCap since April 2020. “We always encourage our users to perform their own due diligence, especially with low-scoring exchanges,” the spokesperson said, adding:
“We know our data isn’t infallible. Our role is as an objective and comprehensive information aggregator, not a regulator. […] In short, CMC numbers are as credible as they can be, using our industry leading experience, technology, verification methodology and feedback loops […]”
The spokesperson cited the crypto adage “don’t trust, verify” and said it embodies a foundational principle of cryptocurrencies and blockchain technology.
Related: Hong Kong to list ‘suspicious’ crypto platforms in wake of JPEX scandal
According to a public announcement, Bitspay was listed on CoinMarketCap in July 2023. CoinMarketCap’s primary rival, CoinGecko, hasn’t listed this website, nor has it listed Topcredit or Bika. Despite this discrepancy, CoinGecko has significantly more spot exchanges listed than CoinMarketCap. At the time of writing, CoinGecko lists a total of 784 exchanges, while CoinMarketCap lists only 225.
Websites like CoinMarketCap have frequently been criticized for providing inflated exchange trading volumes. In 2019, Bitwise Asset Management claimed that 95% of volumes on unregulated exchanges reported on CoinMarketCap were fake or non-economic wash trading in nature. Another investigation by data analytics firm The TIE suggested in 2019 that more than 86% of reported crypto trading volume appeared suspicious.
Crypto users betting on the outcome of the snap election to determine the next Prime Minister of Canada appear to be favoring a Liberal Party victory as residents head to cast their votes.
As of April 28, cryptocurrency betting platform Polymarket gave current Canadian Prime Minister and Liberal Party candidate Mark Carney a 79% chance of defeating Conservative Party candidate Pierre Poilievre in the race for the country’s next PM. Data from the platform showed users had poured more than $75 million into bets surrounding the race, predicting a Poilievre or Carney victory.
The odds suggested by the platform, as well as those from many polls, show a nearly complete reversal of fortunes between the two candidates after former Prime Minister Justin Trudeau resigned in January. Trudeau and, by association, many in the Liberal Party, faced criticism over the handling of Canada’s housing crisis and questions about how he would face US President Donald Trump’s then-proposed tariffs.
Following Trudeau’s resignation, Trump stepped up rhetoric disparaging Canada, repeatedly referring to the country as the US’s “51st state” and Trudeau as its “governor.” The US President also imposed a 25% tariff on goods imported from Canada in March. The policies seem to have led to increasing anti-Trump sentiment in Canada, with many residents booing the US national anthem at hockey games and making comparisons between the president and Poilievre.
This is a developing story, and further information will be added as it becomes available.
Politics
Small boat crossings pass 10,000 at earliest point in year since records began, Sky News understands
Small boat crossings have passed 10,000 in 2025 at the earliest point in a year since records began, Sky News understands.
Analysis of previous Home Office numbers and footage of people arriving today show the number of people crossing the Channel continuing to rise.
The issue has become a lodestone for political parties across the spectrum, with Rishi Sunak’s pledge to “Stop The Boats” falling well short.
Politics latest: PM warns of Tory-Reform pact ‘disaster’
Sir Keir Starmer promised to clear the backlog of asylum applications and “Smash The Gangs” of people smugglers upstream, but critics say he has failed to do this almost a year into his stint in Number Ten.
Reform’s Nigel Farage has made the issue key to his party’s pitch to voters.
The 10,000 figure is understood to have been passed on 28 April. Official figures only go until 27 April at the time of writing, with 9,885 people detected crossing the Channel by the UK government at this point
This compares to 7,167 by the same date in 2024, 5,745 in 2023, 5,352 in 2022, and 1,796 in 2021. Data only started to get collected in 2018, and for the first three years fewer than 1,000 people were observed crossing the Channel before 28 April.
Fine weather conditions are known to lead to an increase in people crossing the Channel, with some efforts earlier this year stymied by heavy winds.
Sir Keir scrapped the Conservative’s Rwanda deportation plan when entering office. In March, the prime minister said his government had “returned” 24,000 people who had no right to be in the UK.
Read more:
Why more people cross on the weekend?
Gusty conditions halt small boat crossings
Starmer: 24,000 people returned
Chris Philp, the shadow home secretary, said: “Britain’s borders are being torn apart under Labour. This year is already the worst on record for small boat crossings after over 10,000 illegal immigrants arrived in Britain, but Labour just sit on their hands.
“Labour scrapped our deterrent before it even started, flung open the door to extremists and criminals, and handed the bill to hardworking taxpayers.
“Under new Conservative leadership, we are serious about tackling this crisis with deliverable reforms, but Labour continue to block these at every turn. Labour’s open-door chaos is a betrayal of the British people, and we will not let them get away with it.”
Mr Philp was part of previous Conservative governments, which also failed to reduce crossings.
Speaking to broadcasters, Mr Farage said: “If this carries on at this rate, by the end of this Labour government another quarter of a million people will have come into this country, many of whom frankly don’t fit our culture or cost us a fortune.”
He claimed that Reform is “the only party” saying that “unless you deport those that come illegally, they will just continue to come”.
👉Listen to Politics at Sam and Anne’s on your podcast app👈
A Home Office spokesperson said: “We all want to end dangerous small boat crossings, which threaten lives and undermine our border security.
“The people-smuggling gangs do not care if the vulnerable people they exploit live or die, as long as they pay and we will stop at nothing to dismantle their business models and bring them to justice.
“That is why this government has put together a serious plan to take down these networks at every stage.
“Through international intelligence sharing under our Border Security Command, enhanced enforcement operations in Northern France and tougher legislation in the Border Security and Asylum Bill, we are strengthening international partnerships and boosting our ability to identify, disrupt, and dismantle criminal gangs whilst strengthening the security of our borders.”
The Stacks Asia DLT Foundation has become the first Bitcoin-based organization to establish an official presence in the Middle East, aiming to promote institutional Bitcoin adoption through expanded educational initiatives.
Stacks Asia has partnered with the Abu Dhabi Global Market (ADGM) — one of the world’s fastest-growing financial centers — in a move that could boost the adoption of its Bitcoin (BTC) layer-2 (L2) solution in the Middle East and Asia.
The new partnership will play a “pivotal role” in shaping the future of Bitcoin’s “programmability and adoption” in these regions through educational programs and support for Bitcoin builders, according to an April 28 announcement shared with Cointelegraph.
Through the collaboration, Stacks and the ADGM aim to make it easier for institutions and investors to participate in the growing Bitcoin economy and help set “new standards for regulatory clarity and technical growth” for the rising global Bitcoin capital, according to Kyle Ellicott, executive director at Stacks Asia DLT Foundation.
Related: Crypto options desk QCP Capital wins Abu Dhabi license: Report
“Stacks and ADGM are a powerful combination for accelerating Bitcoin adoption across the Middle East and Asia,” Ellicott told Cointelegraph, adding:
“ADGM has established itself as a world-class global financial hub at the heart of the United Arab Emirates, known as the ‘Capitol of Capital,’ where capital and innovation are brought together to shape the future financial landscape.”
“We’ll be working to enable the launch of educational programs, regional developer communities, and create opportunities for the real-world adoption of Bitcoin-powered applications,” he said.
Starting in May, the foundation will host a series of live and virtual events to “empower institutions” with the knowledge to integrate Bitcoin into their operations and learn about the “opportunity of productive Bitcoin capital,” Ellicott added.
Related: Nomura crypto arm Laser Digital bags Abu Dhabi license
Stacks Foundation pushing for a “progressive” regulatory environment worldwide
As the leading Bitcoin scalability solution, Stacks is also pushing for progressive global regulations that will cement Bitcoin’s role in the future of the financial landscape.
“We’re not just focused locally — our team is engaged in global conversations, advocating for frameworks that balance decentralization, security, innovation, and compliance surrounding the unlocking of Bitcoin capital,” Ellicott said.
A key part of the strategy involves knowledge sharing with local regulatory bodies to build understanding among government officials about Bitcoin’s characteristics and potential economic impact.
The foundation is also developing the Bitcoin Capital Activation Framework, described as a comprehensive policy blueprint to help regulators enable Bitcoin utility in their jurisdictions.
The Stacks Foundation will also launch the Bitcoin Policy Bridge in May, a working group uniting regulators from all key jurisdictions across the Middle East and Asia.
In February, ADGM signed a memorandum of understanding with the Solana Foundation to advance the development of distributed ledger technology.
Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway