Latam crypto holders shift to Bitget after Binance and Coinbase lawsuits.

Crypto exchange Bitget has reported a significant rise in new account registrations in Latin America after major competitors Binance and Coinbase faced lawsuits from United States regulators. Bitget stated that new users in the region increased by 43% from June 6 to 9, with Brazil and Argentina experiencing the highest market share growth. The company reported a 54% rise in new clients and a 208% increase in total deposits in Brazil, while in Argentina, its customer base rose by 33% and funds deposited grew by 87%. Bitget also operates in Venezuela, Colombia, and Mexico. The exchange saw its total deposits rise by 134% in the region over the last few days. Bitget has over 8 million clients across 100 countries, but did not disclose its total number of users in Latin America. The rise in new registrations is attributed to recent lawsuits against Binance and Coinbase by the US Securities and Exchange Commission. Binance’s net outflows in the past seven days sits at $3.128 billion, while Bitget’s deposits increased by $14.8 million. Coinbase was also sued on June 6 for allegedly offering unregistered securities and operating as an unregistered security broker since 2019.

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