Emerging Trend: Bitget Gains Popularity as Latam Crypto Investors Seek Alternatives Amidst Binance and Coinbase Legal Battles

Crypto Exchange Bitget Witnesses Surge in Latin American Users

Crypto exchange Bitget has experienced a significant increase in new accounts in Latin America, following the lawsuits filed by United States regulators against major competitors Binance and Coinbase.

According to a spokesperson from Bitget, new users in the region have increased by 43% from June 6 to 9, surpassing the daily averages. Brazil and Argentina have shown the highest market share growth.

• In Brazil, new clients on Bitget increased by 54%, with a total deposit growth of 208%.
• In Argentina, the customer base grew by 33%, accompanied by an 87% increase in deposited funds.

Bitget also operates in Venezuela, Colombia, and Mexico, where it has seen a 134% rise in total deposits over the past few days.

While Bitget has over 8 million clients across 100 countries, the exact number of users in Latin America was not disclosed.

Impact of Recent Developments in the United States

The surge in Bitget’s user base can be attributed to recent developments in the United States. On June 5, the U.S. Securities and Exchange Commission filed a lawsuit against Binance, accusing them of 13 charges, including the alleged sale and offer of securities, failure to register as an exchange or broker, and commingling of funds.

Data from DefiLlama shows that Binance has experienced net outflows of $3.128 billion in the past seven days, while Bitget has witnessed a $14.8 million increase in deposits. The largest inflow of funds during this period was reported by crypto exchange OKX, which received $603 million in deposits.

Coinbase, another major player in the crypto industry, was also targeted by U.S. regulators. On June 6, they were sued for allegedly offering unregistered securities and operating as an unregistered security broker since 2019. SEC Chair Gary Gensler accused Coinbase of depriving customers of critical protections against fraud and manipulation, as well as failing to provide safeguards against conflicts of interest. In the last 24 hours, Coinbase’s trade volume has increased by 113.06% to $1.5 billion.

Expanding Operations in Brazil

Brazil has been a key market for both Binance and Coinbase. Binance has ranked Brazil among its top global markets, and its local partner recently obtained a payment provider license in the country. Similarly, Coinbase has been expanding its local operations since March, partnering with local payment providers to facilitate crypto purchases and enable deposits and withdrawals in the local currency.

Future Outlook

“The crypto industry is still very new and has experienced tremendous growth in recent years. Favorable policies are being implemented in places like Hong Kong, Dubai, Singapore, and new opportunities are emerging. So, we are convinced that things will settle down over time, with the industry consolidating itself among the strongest ones in the modern economy,” said Gracy Chen, Managing Director of Bitget, in an interview with Cointelegraph.