He's probably talking about one of the Chinese exchanges like OKcoin that has no trading fees. There is always huge apparent volume on them, but it's most likely fake. There have been tens of thousands of coins apparently dumped there in the previous few hours, but there have also been tens of thousands apparently bought there in the last few hours. During those few hours none of the equivalent volume bars of Bitfinex were even 100 coins high, they were in tens of Bitcoins high.