Last month's market crash that saw the price of bitcoin plummet from $7,100 to $3,800 in a two-day period led to the highest daily crypto trading volumes ever.

Binance has quietly removed Visa mentions from the official website of its upcoming Binance Card. Its official Twitter account also deleted a tweet referencing the payments giant.

A total of 11 class-action lawsuits have been filed against seven cryptocurrency exchanges alleging these sold unlicensed securities via initial coin offerings (ICOs) and initial exchange offerings (IEOs) without a broker-dealer license.

Top stories in the Crypto Roundup today:

• Crypto Market Crash Led to Highest Daily Volumes Ever
• Binance Removes Visa Mentions From its Payment Card Website
• 11 Class-Action Lawsuits Filed Against Seven Crypto Firms

At the time of writing, bitcoin (BTC) is trading at $7,066.09 (4.11%) with a daily Top Tier volume of $2.66 bn. As for ether (ETH), it is trading at $150.23 (4.98%) with a daily Top Tier volume of $544.54 million. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 2,336.51 (3.77%).

Crypto Market Crash Led to Highest Daily Volumes Ever

Last month’s cryptocurrency market crash, on March 12 -13, saw daily trading volumes in the cryptocurrency space hit a new all-time high, as $75.9 billion were traded across exchanges in a single day.

CryptoCompare’s March 2020 Exchange Review details that most of the trading volume came from lower-tier cryptocurrency exchanges, as these traded a total of $54.3 billion on March 13. Top-tier crypto exchanges traded a total of $21.6 billion that day, equivalent to 28.5% of the total volume.

The report adds that spot volumes surged in the first quarter of this year, increasing month-over-month since December 2019. 

It’s worth noting the trading volume of top-tier cryptocurrency exchanges didn’t hit a new all-time high, but came close to record-breaking volumes seen in July 2019 and December 2017, when BTC hit an all-time high close to $20,000.

Exchanges using the controversial trans-fee mining model (TFM) have represented less than 20% of the total trading volume last month. Despite hitting a new record in daily trading volumes, exchanges saw their total traded volume drop in March.

Binance Removes Visa Mentions From its Payment Card Website

Leading cryptocurrency exchange Binance has quietly removed references to Visa from its content publicizing its Binance Card product. TheBlock reports that Visa mentions were removed from a blog post that Binance published last month about the card’s issuance, that read the “Binance Card is issued by Visa and accepted by more than 46 million merchants in 200 regions and territories.”

The official website for the product has been altered to remove key references to Visa, including a logo that was on a mock-up of the card. The text below the mock-up read:

“Load up your Binance Card and pay with crypto at more than 46 million Visa merchants worldwide.”

It has been edited to “load yup your Binance Card and pay with crypto worldwide.” Moreover, a tweet from Binance’s official account mentioning Visa’s role as an issuer has been deleted.

11 Class Action Lawsuits Filed Against Seven Crypto Firms

A total of 11 class-action lawsuits have been filed in a New York Federal Court against seven cryptocurrency exchanges on Friday, April 3. The lawsuits were filed by Roche Freedman, the same law firm representing the estate of the late Dave Kleiman in its ongoing dispute with self-proclaimed Satoshi Nakamoto Craig Wright.

The lawsuits name various parties, including leading cryptocurrency exchanges and crypto issuers Binance, KuCoin, BitMEX, BiBox, the TRON Foundation, Block.one, and Civic. They allege numerous exchanges sold unlicensed securities via initial coin offerings (ICOs) and initial exchange offerings (IEOs) without a broker-dealer license and engaged in market manipulation.

The cryptoassets named in the lawsuits include EOS, BNT, TRX, ICX, OMG, LEND, CBC, ELF, QSP, KNC, and others. The plaintiffs allege many token issuers selectively withheld information from investors to ensure it wouldn’t be apparent the tokens comprised securities.

In the court filings, the allegations claim the tokens sales were completely centralized but adds this “would not have been apparent at issuance to a reasonable investor.”

Binance Futures: The One-Stop Platform For Crypto Traders

The entire crypto-futures industry has become more competitive than ever, as crypto exchanges race to offer the latest products and functionalities to attract users. Today there are a host of platforms to choose from, but not all exchanges are created equal.

Most native cryptocurrency exchanges offer either one of the three following products:

• Fiat to crypto trading
• Crypto-crypto trading
• Crypto-derivatives trading

These cryptocurrency exchanges either specialize in fiat and spot cryptocurrency products or crypto-derivative products such as futures.

As such, users on these exchanges can only trade on either a spot or derivative trading platform. Thus, users are bound by limited options to utilize their crypto assets and are not able to efficiently hedge positions or arbitrage. 

If users wanted to conduct inter-market trading strategies, they are required to maintain multiple accounts from different exchanges that offer the desired products. In these situations, moving funds from one account to another will be costly due to transaction fees. Also, it may not be time-efficient as fund transfers may take time. Hence, traders will not be able to do arbitrage or hedging efficiently on these platforms.

One of the key competitive advantages of Binance is its ability to offer a complete crypto trading ecosystem for its users. Through its futures trading arm - Binance Futures, users have access to both spot and futures markets. 

Unlike other exchanges that only offer a limited range of products, traders on Binance have access to over 100 spot markets and over 20 perpetual futures markets that provide trading opportunities for all crypto traders and opportunities for miners to hedge.

Press Release

State of the Crypto by Top Tier Exchange Volume

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