LATAM crypto holders flock to BitGate after Binance, Coinbase follow suit

Crypto exchange Bitgate has seen a surge in new accounts in Latin America following lawsuits by United States regulators against major competitors Binance and Coinbase.

A Bitget spokesperson told Cointelegraph that the region saw a 43% increase in new users from June 6 to 9, with Brazil and Argentina gaining major market share compared to the daily average.

According to the exchange, there was a 54% increase in total deposits from new customers in Brazil, with a 208% increase. In Argentina, its customer base grew by 33%, while deposits grew by 87%. The crypto exchange also operates in Venezuela, Colombia, and Mexico. Total deposits on Bitgate have increased by 134% in the last few days in the region.

Bitget has over 8 million customers in 100 countries. The company did not disclose the total number of users in Latin America.

The figures are explained by recent developments in the United States. On June 5, crypto exchange Binance was sued by the US Securities and Exchange Commission for 13 charges, including the alleged sale and offer of securities, failure to register as an exchange or broker, and lack of funds.

According According to data from DefiLlama, Binance had a net outflow of $3.128 billion as of writing over the past seven days, while Bitget has seen its deposits increase by $14.8 million. The largest inflow of funds was recorded by cryptocurrency exchange OKEx, which received $603 million in deposits last week.

“The crypto industry is still very young 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. Therefore, we are confident With time, the industry is cementing itself among the strongest in the modern economy,” said Gracie Chen, Managing Director of BitGate, to Cointelegraph.

Also targeted by US regulators, Coinbase was sued on June 6 for allegedly offering unregistered securities and operating as an unregistered securities broker since 2019. SEC Chairman Gary Gensler accused Crypto exchanges depriving customers of important safeguards that prevent fraud and manipulation, along with not providing proper safeguards against conflicts of interest. Coinbase trading volume increased in the last 24 hours Changed 113.06% to $1.5 billion.

Binance previously ranked Brazil among its top global markets, and its local partner was recently granted a payment provider license in the country. Coinbase is also expanding its local operations. Since March, it has partnered with local payment providers to offer crypto purchases and enable deposits and withdrawals in local currency.

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