Crypto exchange Bitget has seen a surge in new accounts from Latin American countries following lawsuits by U.S. regulators against major competitors Binance and Coinbase. According to the exchange, compared to daily averages, the number of new users in the region has increased by 43% from June 6 to 9. Brazil and Argentina saw the most growth, with new customer bases rising by 54% and 33%, respectively. Additionally, there was a 208% and 87% increase in total deposits in Brazil and Argentina, respectively. Bitget also operates in Venezuela, Colombia, and Mexico.
The reason for the figures may be attributed to recent developments in the U.S. On June 5, the SEC sued Binance for 13 charges, including the alleged sale and offer of securities, failure to register as an exchange or broker, and commingling of funds. According to DefiLlama, this has resulted in Binance net outflows of $3.128 billion in the past seven days. Bitget’s total deposits, on the other hand, rose 134% in the region.
Gracy Chen, the managing director of Bitget, told Cointelegraph that they are confident that the crypto industry will settle down over time and consolidate itself as one of the strongest sectors in the modern economy. U.S. regulators have also targeted Coinbase, and the SEC Chair Gary Gensler accused the crypto exchange of depriving customers of fraud and manipulation protections, as well as not providing proper safeguards against conflicts of interest. In the last 24 hours, Coinbase’s trade volume has changed by 113.06% to $1.5 billion.
Binance and Coinbase have been expanding their operations in Latin America. Binance has ranked Brazil among its top global markets and its local partner was recently granted a payment provider license in the country. Coinbase has also partnered with local payment providers since March and is now offering crypto purchases, deposits, and withdrawals in the local currency.
