TL;DR Breakdown
- Latin American Bitget users climbed 43% and deposits 134% from June 6 to June 9.
- Legal action against Binance, a crypto exchange, was initiated by the United States on June 5.
- The number of Brazilian customers joining the exchange increased by 54%, while the total amount of money they deposited increased by 208%.
As a result of the legal issues between Binance and Coinbase, crypto investors in Latin America (Latam) are increasingly using Bitget as an alternate platform. Bitget is gaining popularity as a trustworthy and safe crypto trading platform in Latam. Important transactions in the past have also been challenged in court. Bitget saw a 43% increase in users from Latin America last week, while deposits increased by 134%.
Bitget gains Latin American users amid Binance and Coinbase lawsuits
Bitget, a crypto exchange, has seen a meteoric rise in its customer base across Latin America. The increase in new signups follows a lawsuit filed by US officials against Binance and Coinbase. According to Bitget, between June 6 and June 9, new users in the region surged by 43%, with Brazil and Argentina at the forefront of this growth.
Bitget’s popularity in Brazil and Argentina as a crypto exchange has skyrocketed. Increases in both new customers (54%) and deposits (208%) have been reported in Brazil.
Argentine customers have increased by 33%, while the amount of money they deposit has risen by 87%. Bitget serves various nations, not just Venezuela, Colombia, and Mexico. The overall deposits in the region have increased by 134% in recent days.
Bitget has over 8 million users worldwide; however, the exact number of its Latin American customers has yet to be discovered. Significant events in the United States are responsible for the current numbers.
Bitget is growing as Binance and Coinbase are sued
In a lawsuit filed on June 5, the US Securities and Exchange Commission (SEC) targeted the crypto exchange Binance. The company was accused of illegally selling securities, operating without proper licensing as an exchange or broker, and mismanaging customer funds.
According to data provided by Defillama, Binance had net outflows of $3.128 billion over the past week, while Bitget saw deposits grow by $14.8 million. OKEx received $603 million last week, making it the highest-funded crypto exchange in the past week.
Source: Defillama
US officials sued Coinbase, another crypto exchange, on June 6. They began selling securities without a license in 2019 and have been acting as a broker without one ever since. SEC Chair Gary Gensler slammed Coinbase for failing to prevent fraud and manipulation and resolve potential conflicts of interest.
According to data compiled by Coingecko, Coinbase’s trading volume skyrocketed by 113.06% in less than 24 hours, reaching $1.5 billion.
Two of the largest crypto exchanges, Binance and Coinbase, are planning significant expansions in Brazil. Binance Payment is licensed to provide fiat-to-crypto and crypto-to-fiat services in Brazil, which the Brazilian Central Bank guarantees.
Coinbase facilitates the buying and selling of crypto for Brazilians through local bank transfers. There is a need in Brazil for specialized Bitcoin exchanges that are easier to use and more accessible.
Brazil has always been one of Binance’s top international markets, and the country recently gave its local partner a license to operate as a payment provider. Additionally, Coinbase is growing its regional operations. Since March, it has collaborated with regional payment processors to support crypto purchases and local currency deposits and withdrawals.
The crypto market is still extremely young but has grown significantly recently. In areas like Singapore, Dubai, and Hong Kong, favorable regulations are being established, and new opportunities are opening up. We are confident that things will settle down over time, with the industry consolidating itself as one of the strongest in the modern economy.
Bitget managing director Gracy Chen
Latin American crypto owners are turning to Bitget for safety due to the legal disputes between Binance and Coinbase. The platform has grown significantly in popularity because of its proactive compliance controls, user-friendly interface, and dedication to localized assistance.
Bitget’s ascent to the top of the list among Latin American investors is a testimonial to its capacity to provide a safe and dependable option amongst the legal difficulties experienced by industry titans. Bitget is a steadfast bulwark for Latin American Bitcoin owners while the industry landscape changes constantly.
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