Cryptocurrency exchange Bitget has seen a surge in new accounts in Latin America following lawsuits filed by US regulators against its main competitors Binance and Coinbase.
Compared to daily averages, new users in the region increased 43% from June 6-9, with Brazil and Argentina leading market share growtha Bitget spokesperson told Cointelegraph.
According to the exchange, new clients in Brazil skyrocketed 54%, with a 208% jump in total deposits. In Argentina, its client base grew 33%, while funds deposited increased 87%. The cryptocurrency exchange also operates in Venezuela, Colombia and Mexico. In the last few days, Bitget’s total deposits increased by 134% in the region.
Bitget has more than 8 million customers in 100 countries. The company did not disclose the total number of users in Latin America.
The figures are explained by recent events in the United States. On June 5, the cryptocurrency exchange Binance was sued by the United States Securities and Exchange Commission for 13 chargesincluding alleged sale and offer of securities, lack of registration as an exchange or broker, and mixing of funds.
According to DefiLlama data, Binance net outflows in the last seven days amount to $3.128 million, while Bitget has seen its deposits increase by $14.8 million. The largest inflow of funds was recorded by cryptocurrency exchange OKX, which received $603 million in deposits over the past week.
“The cryptocurrency industry is still very new and has seen tremendous growth in recent years. [..] favorable policies are being applied in places like Hong Kong, Dubai, Singapore and new opportunities are emerging. Therefore, we are convinced that things will settle down over time, and the sector will consolidate among the strongest in the modern economyBitget CEO Gracy Chen told Cointelegraph.
Also in the crosshairs of US regulators, Coinbase was sued on June 6 for allegedly offering unregistered securities since 2019. SEC Chairman Gary Gensler accused the cryptocurrency exchange of depriving clients of critical protections that prevent fraud and manipulation, along with failing to provide adequate safeguards against conflicts of interest. In the last 24 hours, Coinbase’s trading volume has changed 113.06% to 1,500 million dollars.
Binance has previously ranked Brazil among its top global marketsand its local partner was recently granted a payment provider license in the country. Coinbase is also expanding its local operations. Since March, it has partnered with local payment providers to offer crypto purchases and allow deposits and withdrawals in the local currency.
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