Cryptocurrency exchange Bitget has seen a surge in new accounts in Latin America after US regulators filed lawsuits against archrivals Binance and Coinbase.
A spokesperson for Bitget told that compared to the daily average, new users in the region increased by 43% from June 6 to 9, with Brazil and Argentina leading market share gains.
According to the exchange, Brazil saw a 54% surge in new customers and a 208% surge in total deposits. In Argentina, its customer base grew by 33%, while deposited funds increased by 87%. The cryptocurrency exchange also operates in Ven ezuela, Colombia and Mexico. Bitget's total deposits in the region have grown by 134% in the past few days.
Bitget has over 8 million customers in 100 countries. The company did not disclose the total number of users in Latin America. These figures can be explained by recent developments in the United States. On June 5, cryptocurrency exchange Binance was indicated by the SEC on 13 counts, including allegedly selling and offering securities, failing to register as an exchange or broker, and mixing funds.
According to DefiLlama, as of this writing, Binance has seen $3.128 billion in net outflows over the past seven days, while Bitget's deposits have increased by $14.8 million. Cryptocurrency exchange OKX reported the largest inflow, receiving $603 mill ion in deposits over the past week. “The crypto industry is still very new and has experienced tremendous growth in recent years. Incentives are being implemented in Hong Kong, Dubai, Singapore, etc., and new opportunities are emerging. So, we believe things will work out over time, The industry is solidifying itself as one of the most powerful industries in the modern economy,” Bitget managing director Gracy Chen told.
Coinbase, also targeted by US regulators, was instructed on June 6 for allegedly offering unregistered securities and operating as an unregistered securities broker since 2019. SEC Chairman Gary Gensler has accused cryptocurrency exchanges of depriving customers of key protections against fraud and manipulation, and of failing to provide adequate safeguards against conflicts of interest. Over the past 24 hours, Coinbase's trading volume has changed by 113.06% to $1.5 billion. Binance previously ranked Brazil as one of the top global markets, and its local partner recently re received a payment provider license in the country. Coinbase is also expanding its local presence. Since March, it has partnered with local payment providers to offer cryptocurrency purchases and support deposits and withdrawals in local currencies.
