Amidst the lawsuits by US regulators against leading competitors Binance and Coinbase, cryptocurrency exchange Bitget has observed a significant upsurge in new account registrations from Latin America. The platform reported a 43% increase in new users from the region between June 6 and 9 compared to the daily averages, with Brazil and Argentina driving the growth, as per a Bitget spokesperson.
In Brazil, the number of new Bitget clients soared by 54%, with total deposits experiencing a 208% spike. In Argentina, the customer base and total deposits grew by 33% and 87% respectively. The crypto exchange, which also operates in Venezuela, Colombia, and Mexico, reported a 134% rise in total regional deposits during this period.
With over 8 million customers in 100 countries, Bitget didn’t disclose the total user count in Latin America. The uptick in figures is attributed to the recent regulatory developments in the US, where the SEC sued Binance on June 5 on 13 charges, leading to Binance net outflows of $3.128 billion over the past week, while Bitget’s deposits increased by $14.8 million.
Gracy Chen, Bitget’s Managing Director, expressed her confidence in the industry’s resilience despite recent upheavals, stating that “favorable policies are being implemented in places like Hong Kong, Dubai, Singapore and new opportunities are emerging.”
On June 6, Coinbase, another major crypto exchange, was sued by the US SEC for allegedly dealing in unregistered securities. The SEC Chair accused Coinbase of failing to provide adequate protection against fraud, manipulation, and conflicts of interest, leading to an overnight change of 113.06% in Coinbase’s trade volume, which reached $1.5 billion.
Interestingly, both Binance and Coinbase have been actively expanding their local operations in Brazil, a market of significant importance to these exchanges.
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