By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Markets > Crypto > Latin American Crypto Holders Shift to Bitget Exchange Following Binance and Coinbase SEC Crackdown
Crypto

Latin American Crypto Holders Shift to Bitget Exchange Following Binance and Coinbase SEC Crackdown

News Room
Last updated: 2023/06/12 at 8:49 AM
By News Room
Share
3 Min Read
SHARE

In the aftermath of the US Securities and Exchange Commission’s crackdown on major crypto exchanges Binance and Coinbase, Latin America’s crypto holders have reacted to this development with a surge of new accounts registered with Bitget, a crypto derivatives exchanges. 

The American regulator filed lawsuits against both Binance, the globe’s largest cryptocurrency exchange, and Coinbase, the largest US-based crypto exchange, in the past days.  

The SEC pressed 13 charges against Binance and its US-based affiliates. These ranged between accusations of allegedly operating as an unregistered exchange, and offering unregistered securities to customers. The commission also filed similar charges against Coinbase.

With the regulator targeting two major US exchanges, Latin American crypto holders are intensifying efforts to shift their funds to Bitget, among others. Compared to daily averages, new users from the region expanded by 43% between June 6 and 9. Brazil and Argentina, which boast the continent’s largest populations, led market share growth, a Bitget spokesperson told Cointelegraph.

LatAm crypto holders shift funds

Data released by the exchange suggests that Bitget’s new clients in Brazil increased by 54%, with total deposits soaring by 208%. At the same time, Argentina’s customer base rose by 33%, and total deposited funds increased by 87%. Over the past days, the exchange’s total deposits rose by 134% in the region, according to figures from Bitget. 

“The crypto industry is still very new and has experienced tremendous growth in recent years. Favorable policies are being implemented in places like Hong Kong, Dubai, Singapore, and new opportunities are emerging. So, we are convinced that things will settle down over time, with the industry consolidating itself among the strongest ones in the modern economy,“ Gracy Chen, the managing director of Bitget, commented. 

It is noteworthy that last week, crypto billionaires suffered major losses as a result of the SEC’s clampdown on Binance and Coinbase. Binance’s CEO Changpeng Zhao, who is also known as CZ, witnessed his net worth shrink by some $1.4 billion to $26 billion. At the same, Coinbase’s CEO Brian Armstrong has witnessed his net worth drop by $361 million to $2.2 billion, according to data from Bloomberg. 

Set up in 2018, Bitget says it has about 8 million registered users, and the exchange’s daily trading volume is equal to some USDT 10 billion, according to data from the business. In a bid to boost its popularity among Latin American users, in October 2022, Bitget signed a deal with Argentinian superstar soccer player Lionel Messi who currently serves as the brand’s ambassador. 

 

Read the full article here

News Room June 12, 2023 June 12, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
‘El Chapo’ scion pleads guilty to US drug trafficking charges

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Fuel to Air India 171’s engines was cut off seconds before fatal crash, report says

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Kraft Heinz explores potential break-up

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Elon Musk’s xAI seeks up to $200bn valuation in next fundraising

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Trump’s immigration agenda follows the trade template — for good and ill

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

- Advertisement -
Ad imageAd image

You Might Also Like

Crypto

'Fundamental Shift' in Traditional Bitcoin Market Cycle May Be on the Horizon

By News Room
Crypto

FTX/Alameda Unstakes Over $1B in Solana – Is a Major Price Shift Coming?

By News Room
Crypto

Mastercard Launches “Crypto Credential” To Replace Wallet Addresses With Usernames

By News Room
Crypto

Polygon Executive Pivots Roles To Developing ZK Proof Tech

By News Room
Crypto

Altcoin Interest Driving South Korean Crypto Craze – Report

By News Room
Crypto

Russian Central Bank Flags Sharp Rise in Crypto-related Activity

By News Room
Crypto

BitGo’s $100M Suit Against Galaxy Gets Green Light from Delaware Supreme Court

By News Room
Crypto

Here Are Your Top Crypto Gainers Today on DEXScreener

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?