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Excessive bragging by cryptocurrency derivatives traders can negatively impact things for them and trading platforms.
Authorities and regulators have recently received further incentive to take more decisive action in the fight against the cryptocurrency market.
American company Inca Digital, working in collaboration with the US Commodity Futures Trading Commission (CFTC), is engaged in the research and exploration of cryptocurrencies. Inca Digita said that despite restrictions from regulators, crypto derivatives traders from the US and many other countries subject to restrictions can still access many platforms, despite the ban.
In its report, the company said: "According to the verification, the majority of users residing in the US, UK and Turkey indicate other locations in their profiles."
Among other things, tweet templates were found, which reflected confirmations of profit and loss (PNL), screenshots indicating the execution of transactions with derivatives, placement of referral links, tweets mentioning the UID of the trader ID and calls to the support service. The company considers all the information found, demonstrating and proving the successful activities of traders, as reckless bragging.
The team has developed 2,939 Twitter users trading derivatives on FTX, Huobi Futures, Binance Futures, OKEx , Bybit, Bitfinex, and BitMEX. During the development, 2,164 traders were identified around the world, 372 of whom were residents of the United States. According to the data provided by Twitter API, the USA, Indonesia, Turkey, India and the United Kingdom are the most popular for users of derivatives exchanges.
A research group from Inca Digital stated, “We have used a variety of natural language processing (NLP) technologies to create robust datasets based on the digital footprint of cryptocurrency users. These included derivatives dealers operating at major derivatives trading floors and tested the chart to prove that their geographic location is inconsistent with what the exchange operators claim and is permitted by local securities laws. ”
One of the methods used to obtain the data includes extensive voice sampling and state-of-the-art multilingual name recognition (NER). After processing hundreds of tweets from each identified user with its model, NER geotagged 2,079 of its 2,939 derivatives traders.
According to the NER method, the US has the highest number of cryptocurrency derivatives traders, followed by Turkey, Indonesia, India and the UK.
Bybit - Offers and provides spot trading, fiat exchange, margin trading and futures contracts.
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