Home Cryptocurrency 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

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The exchange saw a 43% increase in new users from the Latin America region in just three days.

Cryptocurrency exchange Bitget appears to have benefited greatly from the ongoing lawsuits against crypto giants Binance and Coinbase. The fierce rivals are currently in court over claims by the US Securities and Exchange Commission (SEC). The two may have violated U.S. securities laws while conducting business, regulators said.

Cryptocurrency exchange Bitget gets bigger

But in all this, Bitget has scored a very big leap in its fortunes. A company spokesperson said the exchange saw a 43% increase in new users from the Latin American region in just three days. It will be between June 6th and 9th. The spokesperson also noted that Brazil and Argentina are at the center of this large-scale development.

Bitget’s new users in Brazil increased by 54%, resulting in an increase of over 200% in total deposits from the region. In Argentina, Bitget also recorded a 33% increase in its customer base and an almost 87% increase in total deposits over the period.

Recall that Bitget also has operations in Venezuela, Mexico and Colombia. So, with over 8 million customers in 100 countries, the exchange has seen total deposits grow by over 134% in the past few days in Latin America alone. However, the company did not disclose the total number of customers in the Latin American region.

Binance Records Net Outflow of Over $3 Billion in 7 Days

As expected, Biggett’s fortune didn’t come out of nowhere. Rather, it was due to a net outflow of Binance and DefiLlama data It suggests that it has surpassed $3.369 billion in the last seven days.

During the same period, Bitget deposits increased by $17.903 million. On the other hand, it may be important to note that traffic to Bitget was not the most prominent over the past week. At the time of publication, cryptocurrency exchange OKX claims he has received more than $648 million in deposits at the same time.

Bitget managing director Gracie Chen declined to get carried away with the development. According to Chen, the cryptocurrency industry is still very new and will continue to develop over time. So while favorable policies have been rolled out in places like Dubai and Hong Kong, she believes other places will catch up soon. “This industry is consolidating into one of the most powerful industries in the modern economy, and we are confident that things will settle down over time,” she said.

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Mayowa is a cryptocurrency enthusiast/writer whose conversational personality is very evident in his writing style. He is a strong believer in the potential of digital assets and repeats this at every opportunity. He is a reader, researcher, keen speaker and budding entrepreneur. But apart from cryptocurrencies, Mayowa’s fancy pastimes include things like football and discussing world politics.

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