Latin American crypto holders move to Bitget exchange after Binance and Coinbase SEC crackdown.

Latin American crypto holders have responded to the crackdown on major crypto exchanges Binance and Coinbase by registering with Bitget, a crypto derivatives exchange. The US Securities and Exchange Commission (SEC) recently filed lawsuits against Binance and Coinbase, accusing them of various charges related to operating as an unregistered exchange and offering unregistered securities to customers. With two major US exchanges under scrutiny, Latin American crypto holders are increasing their efforts to move their funds to Bitget. Between June 6 and 9, new users from the region expanded by 43%, with Brazil and Argentina leading market share growth. According to Bitget, their new clients in Brazil increased by 54%, and total deposits soared by 208%. Meanwhile, Argentina’s customer base rose by 33%, and total deposited funds increased by 87%. Bitget currently has about 8 million registered users and a daily trading volume equal to some USDT 10 billion. In October 2022, the exchange signed a deal with Argentinian soccer player Lionel Messi to boost its popularity among Latin American users.

It is worth noting 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, also known as CZ, witnessed his net worth shrink by some $1.4 billion to $26 billion. At the same time, Coinbase’s CEO Brian Armstrong has witnessed his net worth drop by $361 million to $2.2 billion, according to data from Bloomberg.

Gracy Chen, the managing director of Bitget, commented, “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.”

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