- June 14, 2023
- Posted by: [email protected]
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Bitget, a cryptocurrency exchange, has witnessed a significant increase in its user base and deposits in Latin America following the legal actions taken against major competitors Binance and Coinbase by United States regulators. According to a spokesperson from Bitget, the number of new users in the region surged by 43% between June 6 and June 9, with Brazil and Argentina leading the growth in market share.
In Brazil, the number of new clients soared by 54%, accompanied by a remarkable 208% surge in total deposits. Similarly, in Argentina, the customer base rose by 33%, while funds deposited expanded by 87%. Bitget also operates in other Latin American countries such as Venezuela, Colombia, and Mexico. Over the past few days, the exchange has experienced a remarkable 134% increase in total deposits in the region. While Bitget has over 8 million clients across 100 countries, the specific number of users in Latin America was not disclosed.
These figures can be attributed to recent developments in the United States. On June 5, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, accusing the exchange of various charges, including the alleged sale and offer of securities, failure to register as an exchange or broker, and commingling of funds. As of the latest data from DefiLlama, Binance witnessed net outflows of $3.128 billion in the past week, while Bitget observed a $14.8 million increase in deposits. Among the crypto exchanges, OKX reported the largest inflow of funds, with $603 million in deposits over the last week.
Gracy Chen, the managing director of Bitget, expressed optimism about the future of the cryptocurrency industry, noting that it is still in its early stages and has witnessed tremendous growth. Chen noted that favorable regulations are being established in a variety of regions, including Hong Kong, Dubai, and Singapore, which are creating new chances. As a result, Chen predicts that the industry will eventually stabilize and become one of the most powerful sectors in the modern economy.
Coinbase, another crypto exchange targeted by U.S. regulators, was sued on June 6 for allegedly offering unregistered securities and operating as an unregistered security broker since 2019. SEC Chair Gary Gensler accused Coinbase of depriving customers of necessary protections against fraud and manipulation, as well as failing to provide adequate safeguards against conflicts of interest. In the past 24 hours, Coinbase’s trade volume has experienced a 113.06% change, reaching $1.5 billion.
Brazil has been among Binance’s top global markets in the past, and its local partner recently obtained a payment provider license in the country. Similarly, Coinbase is expanding its operations in Brazil by partnering with local payment providers to offer cryptocurrency purchases and enable deposits and withdrawals in the local currency.
