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The Latin American digital currency landscape has witnessed an unprecedented surge in activity, with Bitget, a leading crypto exchange, experiencing a wave of new users. This surge is believed to be fueled by recent regulatory actions against its top competitors, Binance and Coinbase, by US regulators.
Between June 6 and 9, Bitget reported a 43% increase in new user signups from Latin America compared to average daily enrollments. Brazil and Argentina were at the forefront of this rise in market share, according to a statement from a Bitget representative to Cointelegraph.
While Bitget serves over 8 million customers worldwide across more than 100 countries, the exact number of Latin American users was not disclosed by the company.
The upsurge in Latin American engagement with Bitget can be attributed to recent turmoil in the US crypto sphere. On June 5, Binance faced a lawsuit by the US Securities and Exchange Commission (SEC), which included 13 charges such as alleged unlawful securities trading and unauthorized exchange activities.
According to a report by DefiLlama, Binance witnessed net outflows of approximately $3.128 billion in the preceding week, while Bitget experienced a deposit increase of $14.8 million. Another crypto exchange, OKX, reportedly saw the largest influx of funds, accumulating $603 million in deposits during the same period.
Coinbase, another major player, was hit with an SEC lawsuit on June 6 for allegedly dealing in unregistered securities since 2019. SEC Chair Gary Gensler accused the company of circumventing crucial protections against fraud and manipulation, thereby leaving customers vulnerable.
Brazil had been identified as a key market for Binance, and its local partner recently obtained accreditation as a payment provider. Likewise, Coinbase has been intensifying its operations in the region, collaborating with local payment providers since March to facilitate cryptocurrency transactions and enable deposits and withdrawals in local currency.
