Bitget Sees Surge in Latin American Users Amidst Regulatory Pressure on Binance and Coinbase
Bitget is experiencing a significant increase in new accounts in Latin America with the region witnessing a surge in users following regulatory lawsuits against major competitors Binance and Coinbase .
Bitget is experiencing a significant increase in new accounts in Latin America with the region witnessing a surge in users following regulatory lawsuits against major competitors Binance and Coinbase .
Latin American Users Flock to Bitget
The popular crypto exchange Bitget has reported a 43% rise in new user registrations in Latin America from June 6 to 9 which surpasses the daily averages . The growth is particularly remarkable in Brazil and Argentina where the market share has expanded significantly . Brazil saw a 54% surge in new clients which was accompanied by a 208 % increase in total deposits . Meanwhile Argentina witnessed a 33% rise in its customer base with an 87 % growth in funds that are deposited . Bitget also operates in other Latin American countries such as Venezuela, Colombia and Mexico and has seen its total deposits in the region increase by 134 % in recent days .
Legal Developments in the United States Shake Crypto Industry
The flood of new users on Bitget happened after recent legal developments in the United States . The SEC filed lawsuits against Binance and Coinbase and accused them of several violations . Binance faced 13 charges including the alleged sale and offer of securities without proper registration . Coinbase was sued for offering unregistered securities and running as an unregistered security broker since 2019 . These legal actions have had a great impact on the crypto industry which led users to explore alternative platforms like Bitget .
Outlook and Opportunities in the Crypto Industry
Bitget is still optimistic about the future of the cryptocurrency business despite the regulatory pressure that big exchanges are currently experiencing . The corporation thinks that beneficial laws in places like Hong Kong, Dubai and Singapore together with potential business opportunities will promote the consolidation and growth of the sector . The managing director of Bitget Gracy Chen voiced his belief that the crypto sector will emerge as one of the strongest in the current economy .
