Bitget Benefits Amidst Recent SEC Crackdown on Binance and Coinbase

• The overall number of deposits on the exchange increased by 208%.
• DefiLlama reports that Binance had a net outflow of $3.128 billion over the previous 7 days.

U.S. authorities’ legal action against Binance and Coinbase, two of the most popular cryptocurrency exchanges, has driven users in Latin America to Bitget. Moreover, Bitget informed that from June 6 to 9, new users in the area grew 43% compared to daily norms, with Brazil and Argentina topping the market share rise.

The overall number of deposits on the exchange also increased, by 208%, while the number of new customers in Brazil rose by 54%. The number of Argentine customers climbed by 33%, while the total amount deposited grew by 87%. The cryptocurrency exchange is available in Mexico, Colombia, and Venezuela. In the last few days, deposits to Bitget have increased by 134% in the area.

More than 8 million people in 100 different nations use Bitget every month. The number of Latin American customers was not disclosed by the corporation.

Losing Out on Key Region

Furthermore, after recent regulatory developments in the US, we now have these numbers. The U.S SEC sued Binance, a cryptocurrency exchange, on June 5 on 13 allegations, including, among others, the alleged sale and offer of securities, failure to register as an exchange or broker, and commingling of client money.

Moreover, DefiLlama reports that Binance has had a net outflow of $3.128 billion over the previous seven days, while Bitget has witnessed an inflow of $14.8 million. OKX, a cryptocurrency exchange, reported receiving $603 million in deposits last week, making it the largest recipient of new capital.

After Binance was sued by the SEC on June 5 for purportedly providing unregistered securities and acting as an unregistered security broker since 2019, Coinbase was also sued by the SEC on June 6.  Brazil is one of Binance’s top markets internationally, and the exchange’s local partner was recently granted a payment provider license there. Coinbase is also growing its regional presence here.

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