Exchange Witnessed a 208% Surge in Deposits; Binance Records $3.128 Billion Net Outflow: DefiLlama
Legal action by U.S. authorities against Binance and Coinbase, leading cryptocurrency exchanges, has resulted in a surge of users from Latin America turning to Bitget. Notably, Bitget reported a significant 43% increase in new users from June 6 to 9 in the region, with Brazil and Argentina leading the market share growth.
In addition, the exchange witnessed a substantial 208% increase in the overall number of deposits, accompanied by a noteworthy 54% rise in new customers from Brazil. The number of Argentine customers also experienced a significant 33% growth, contributing to the exchange’s expanding user base. Moreover, the total deposited amount exhibited robust growth, surging by 87%. Bitget’s availability in Mexico, Colombia, and Venezuela further enhances its reach across Latin America. Recent days have seen a remarkable 134% surge in deposits to Bitget within the region.
With a global presence, Bitget boasts over 8 million monthly users across 100 nations. While the specific number of Latin American customers was not disclosed by the company, its broad user base indicates a significant and widespread adoption of Bitget’s services in the region.
Also Read : Bitget Obtains Regulatory License in Poland and Reports $80 Million Increase in Reserve Funds in Q1
Missing Out on Vital Region
In light of recent regulatory updates in the United States, the current figures have emerged. On June 5, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, a prominent cryptocurrency exchange. The lawsuit comprises 13 allegations, including the alleged sale and offering of securities, failure to register as an exchange or broker, and the commingling of client funds.
Furthermore, according to DefiLlama, Binance experienced a significant net outflow of $3.128 billion over the past seven days. In contrast, Bitget observed an inflow of $14.8 million during the same period. Notably, OKX, another cryptocurrency exchange, emerged as the primary recipient of new capital, reporting a substantial $603 million in deposits last week, solidifying its position as the leading beneficiary of fresh investments.
Following the SEC’s lawsuit against Binance on June 5, which accused the exchange of allegedly offering unregistered securities and operating as an unregistered security broker since 2019, Coinbase faced a similar legal action by the SEC on June 6. Brazil stands out as one of Binance’s key international markets, and the exchange’s local partner recently obtained a payment provider license in the country. Coinbase is also actively expanding its presence in the region, indicating a growing focus on Brazil as well.
Also Read: Brazil Grants Payment Institution Approval to Binance, Leading Cryptocurrency Provider
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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