What Is the Primary Motive for a Trader to Engage in Wash Trading on a Less Liquid Exchange?

The primary motive is to artificially inflate the exchange's reported trading volume to attract more legitimate users, or to move up fee tiers to gain trading rebates or lower fees. By making the exchange appear more active and liquid, the trader can gain a competitive advantage or earn rewards, even if the wash trades themselves are not profitable after accounting for trading fees.