Latin American crypto holders turn to Bitget amid SEC lawsuit against Binance and Coinbase.

The cryptocurrency exchange Bitget seems to be benefiting greatly from the ongoing legal battles between crypto giants Binance and Coinbase. The two fierce rivals are currently in court over allegations made by the United States Securities and Exchange Commission (SEC) that they may have violated US securities laws in their business dealings.

Crypto Exchange Bitget Gets Bigger

Despite this, Bitget has experienced a significant increase in its fortunes. According to a spokesperson for the company, the exchange saw a 43% increase in the number of new users from the Latin America region in just three days, between June 6 and 9. Brazil and Argentina were cited as being at the center of this massive development.

Bitget experienced a 54% increase in new users from Brazil, causing total deposits from the region to increase by over 200%. In Argentina, Bitget saw a 33% increase in its customer base and an 87% increase in total deposits within the same period.

It is worth noting that Bitget also operates in Venezuela, Mexico, and Colombia. The exchange, which has over eight million customers across 100 countries, has seen a total deposit growth of no less than 134% from the Latin American region alone in the past few days. However, the company did not disclose the total number of clients it has in the Latin American region.

Binance Sees Over $3 Billion Net Outflows in 7 Days

As expected, Bitget’s success did not come out of nowhere. It came from Binance’s net outflows, which DefiLlama data suggests have surpassed $3.369 billion in the last 7 days.

During the same period, Bitget saw its deposits increase by $17.903 million. However, it is important to note that Bitget’s inflows were not the most significant over the past week. As of publication, the cryptocurrency exchange OKX claims to have received over $648 million in deposits during the same time period.

Bitget Managing Director Gracy Chen refused to get carried away with these developments, noting that the cryptocurrency industry is still very new and that it will continue to evolve over time. While favorable policies have emerged in places like Dubai and Hong Kong, Chen believes that other places will soon catch up. “We are convinced that things will settle down over time, with the industry consolidating itself among the strongest ones in the modern economy,” she said.

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