Binance was the only cryptocurrency trading platform to see its derivatives trading volumes grow in April. Despite its rise, Huobi was the leading derivatives exchanges last month, with OKEx being the runner up.

The CFTC has sued two firms for allegedly running “massive fraudulent” cryptocurrency-related schemes that made them over $20 million.

CoinShares has unveiled a cryptocurrency trading business that traded over $3 billion last year, and over $1.5 billion in the first quarter of this year.

Top stories in the Crypto Roundup today:

• Binance Was the Only Platform to See Derivatives Volumes Grow in April
• CFTC Sues Two Firms for Running ‘Massive fraudulent’ Crypto Schemes
• CoinShares Unveils Crypto Trading Business That Traded over $3 Billion in 2019

At the time of writing, bitcoin (BTC) is trading at $9,834.77 (5.27%) with a daily Top Tier volume of $7.44 bn. As for ether (ETH), it is trading at $209.71 (1.82%) with a daily Top Tier volume of $1.61 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,153.72 (2.16%).

Binance Was the Only Platform to See Derivatives Volumes Grow in April

Data from this month’s CryptoCompare Exchange Review shows that crypto exchange Binance was the only trading platform in the space to see its derivatives trading volumes grow last month, up 11.6% to a total of $108 billion.

Other major trading platforms offering derivatives to their users saw their volumes drop, with that of BitMex going down nearly 40% to $69.3 billion. The drop saw Binance surpass BitMEX in terms of volume in April.

Although Binance was the only trading platform to see its derivatives volumes grow, Huobi was the largest derivatives exchange last month, trading a total of $133 billion throughout it. Its volume, nevertheless, dropped 10.5% since March.

The runner-up was OKEx, which traded a total of $113 billion last month, despite enduring a 31.4% drop compared to the month of March. On April 30, the day the price of bitcoin dropped below the $9,000 mark, Binance represented the majority of the BTC/USDT market’s trading volume, trading a total of $15 million at 11 am BST.

CFTC Sues Two Firms for Running ‘Massive fraudulent’ Crypto Schemes

The U.S. Commodity Futures Trading Commission (CFTC) has sued a Miami resident and two Israeli nationals for allegedly running “two massive fraudulent solicitation schemes,” one of which focused on cryptocurrency services.

A press release published by the agency shows it alleges the two companies Digital Platinum and Huf Mediya conducted a five-year-long trading scheme that promised investors massive profits without actually delivering them, between 2013 and 2018.

The alleged scheme first offered investors binary options services, and the second one involved cryptocurrencies like bitcoin and ether. The CFTC named various other entities and individuals it claims are affiliated with the defendants. The crypto phase of the scheme reportedly took place between 2016 and 2018.

"The fraudulent solicitations promised free access to automated trading software that purported to trade digital assets on behalf of customers automatically with no risk and guaranteed profits ('DA Trading Systems').”

According to the CFTC, one of the individuals sent automated inks to potential victims, directing them to sign up with brokers. If they deposited with the brokers, the defendants would earn a commission. They allegedly made over $20 million in commissions.

CoinShares Unveils Crypto Trading Business that traded over $3 Billion in 2019

European cryptocurrency asset manager CoinShares has unveiled a new trading and market business, CoinShares Capital. The new unit is reportedly a rebranding of GABI Trading, a company CoinShares is in the late stages of acquiring.

CoinShares Capital is set to offer a “suite of trading tools and services,” while CoinShares itself offers a suite of exchange-traded products. Per TheBlock, CoinShares Capital Markets has been an active proprietary trading shop of Global Advisors Group last year, trading a total of over $3 billion in crypto throughout the year.

In the first quarter of this year, the firm reportedly traded $1.58 billion worth of cryptocurrencies. Chief Strategy Officer Meltem Demirors reportedly told TheBlock 2020 will be a “monster year.” CoinShares’ press release reads:

"These initiatives are part of CoinShares' mission to provide clients with a sophisticated, fit-for-purpose suite of products and services designed specifically for digital assets.”

Flipside Friday

The Flipside Crypto Disparity Ratio is a tool helping you find out which cryptoassets are under and overvalued. The crypto disparity ratio scores cryptoassets based on market capitalization and FCAS ratings, with a score over 1 showing it’s undervalued, and under 1 showing it’s overvalued.

POA Network (POA), a public sidechain based on the Ethereum protocol that will use Proof-of-Authority and allow organizations to build their own networks in their own validators and allow developers to deploy decentralized applications, tops the undervalued list with a score of 1.60.

XYO, an ERC-20 token used for a decentralized network of devices that anonymously collects geospatial data, comes next with a score of 1.45. It’s followed by the Raiden Network (RDN), an off-chain scaling payment solution to perform ERC20 compliant token transactions, at 1.40.

Next comes SingularityNET (AGI), a protocol for coordinating, discovering, and transacting AI algorithms at scale.

On the overvalued side we have DxChain Token (DX), the world’s first decentralized big data and machine learning network powered by a computing-centric blockchain. It’s followed by Qubitica (QBIT), a community of over 1,000 developers, IT companies and investors working to advance blockchain technology. Its community is working on blockchain and AI projects, and the QBIT token represents participation shared in Qubitica and related projects

Next comes Monacoin, the once-popular cat meme cryptocurrency which has even been used to buy land in 2014, at 0.37. Then there’s the Huobi Token (HT), an ERC-20 token that allows users to receive a discount on fees on the Huobi exchange, among other benefits.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.