Latin American Crypto Holders Find Alternative in Bitget amid SEC Lawsuit against Binance, Coinbase

Latin American Crypto Holders Find Alternative in Bitget amid SEC Lawsuit against Binance, Coinbase

UTC by Mayowa Adebajo · 2 min read
Latin American Crypto Holders Find Alternative in Bitget amid SEC Lawsuit against Binance, Coinbase
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The exchange saw a 43% jump in its number of new users from the Latin America region in just three days.

Crypto exchange Bitget appears to be gaining a whole lot from the ongoing lawsuits against crypto giants Binance and Coinbase. The fierce rivals are currently in court over allegations by the United State securities and exchange commission (SEC). According to the regulator, the duo might have violated US securities laws while doing their business.

Crypto Exchange Bitget Gets Bigger

In all of this, however, Bitget has recorded quite a massive leap in its fortunes. According to a company spokesperson, the exchange saw a 43% jump in its number of new users from the Latin America region in just three days. That is between June 6 and 9. The spokesperson also cited Brazil and Argentina as being at the center of this massive development.

Bitget’s new users in Brazil surged by 54%, causing total deposits from the region to also jump by over 200%. In Argentina, Bitget again saw its customer base increase by 33% and recorded about an 87% increase in total deposits within the period.

Recall that Bitget also has businesses spread across Venezuela, Mexico, and Colombia. So, the exchange, which has over 8 million customers across 100 countries, has seen a total deposit growth of no less than 134% from the Latin America region alone in the past few days. The company, however, didn’t reveal the total number of clients it has in the Latin America region.

Binance Sees Over $3 Billion Net Outflows in 7 Days

As expected, Bitget’s fortunes did not come out of thin air. It rather came from Binance’s net outflows, which DefiLlama data suggests to have surpassed $3.369 billion in the last 7 days.

In the same period, Bitget has seen its deposits increase by $17.903 million. Meanwhile, it might be important to note that Bitget’s inflows weren’t the most significant over the past week.  As of publication, crypto exchange OKX claims to have received over $648 million in deposits in the same time.

Speaking about the developments, Bitget managing director Gracy Chen refused to get carried away. According to Chen, the crypto industry is still very new and would continue to unfold over time. So while favorable policies have emerged in places such as Dubai and Hong Kong, she believes that soon, other places will catch up. “We are convinced that things will settle down over time, with the industry consolidating itself among the strongest ones in the modern economy,” said she.

Cryptocurrency News, News
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