And here's the same chart for OKCoin:
Raise your hand if you think OKcoin and Huobi are really trading 4.5 Million bitcoin per day, almost 1/3 of the current supply:
If that wasn't enough though, we have its own competitors blowing the whistle on them, in an ignored interview the CEO Bobby Lee did, he clearly calls them out for this practice:
There is a lot of mining that goes on in China. However, I caution you: do not read too much into the high trading volumes. China has decent high volumes but unfortunately two of my competition exchanges - I never like saying this - but they are artificially inflating their volumes through the technique of wash trades.
Okcoin and Huobi are known for inflating trading volumes artificially, basically selling from left hand to the right hand.
They use it for bragging purposes. They try to outdo each other. It's not regulated yet so they don't get slapped on the wrist for doing that. China does have big trading but we are not talking about orders of magnitude higher. If you were to believe the numbers you would think the world is 95% Chinese.
OKCoin's ex CTO "CZ" also blew the whistle on their fraudulent trading volume data:
I can confirm some of the above bots are designed to pump up volumes. During certain periods, these bots have also been used in a manner to create orders that will only trade against themselves, not with user orders. This mode of operations was strongly resisted by even Chen and Liu (programming, matching engine), but Star Xu insisted on executing it.