• Crypto exchanges spot trading volume declined in April, with Binance taking a major hit.
• Former SEC official John Reed Stark called for a US ban on Tether, characterizing it as a “mammoth house of cards” due to its lack of legal framework and regulatory oversight.
• Tether attestation showed $1.5 billion worth of Bitcoin in reserves, while Bitcoin halted its four-day slide after CPI came in better than expected and Binance moved bankrupt Voyager and FTX tokens to innovation zone.
Crypto Exchanges Spot Trading Volume Declines
Crypto exchanges saw their spot trading volume decline in April, with Binance taking the biggest hit among them. The decrease was attributed to the market downturn caused by the pandemic and other factors.
Former SEC Official Calls for US Ban on Tether
Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark called for a U.S. ban on cryptocurrency firm Tether USDT, calling it a “mammoth house of cards” due to its lack of legal framework guiding its operations in the United States and no requirements for audits or reporting.
Tether Attestation Shows $1.5B Worth of Bitcoin In Reserves
A tether attestation revealed that there is $1.5 billion worth of bitcoin held in reserves by the stablecoin issuer, which has been operating without any regulatory constraints as it has no legal framework governing its operations in the U.S..
Bitcoin Halts Four Day Slide After CPI Comes In Better Than Expected
Bitcoin halted its four-day slide when consumer price index (CPI) came out better than expected, giving investors some respite from the market downturn caused by pandemic worries and other factors affecting crypto markets lately.
Binance Moves Bankrupt Voyager And FTX Tokens To Innovation Zone
In response to recent developments affecting crypto markets, Binance moved two tokens – bankrupt Voyager token (VGX) and FTX exchange token (FTT) – into an innovation zone where they will be monitored more closely before being allowed back into regular trading pairs again at a later date if deemed safe enough by Binance management team members.