There are many exchanges that are faking volume. Some reports show that there is up to 90% wrong volume reports. With market developing i am sure there will be more strict rules and penalties.
I think this is the next step in crypto for further development.
There should be some index be issued based on volume to track real volume of top 10 or top 20 exchanges who should be then monitored by some external company.
I hope also CoinMaketCap will take this issue into consideration soon enough to get some real data on smaller exchanges as well.
The innovations really are growing in the market, and there is nothing they can do in order to be competitive enough to attract customers than to fake their trading volumes on their respective exchange platforms. I think if they are really good to say, after they have gotten their customers trade on their platform, they should stop the operation of fake volumes.