Latam crypto holders have recently been flocking to Bitget, following lawsuits against major competitors Binance and Coinbase by United States regulators. Between June 6 and June 9, the number of Bitget users in Latin America increased by 43%, with Brazil and Argentina leading market share growth. This surge comes amid regulatory actions in the US, where Binance faced 13 charges from the US Securities and Exchange Commission, including alleged sale and offer of securities, failure to register as an exchange or broker, and commingling of funds.
Recent developments in the crypto market have shown that the industry is still quite young, and despite being subject to increased scrutiny, the growth and interest in it remains unshaken. Gracy Chen, managing director of Bitget, is convinced that things will settle down over time, with favorable policies being implemented in places like Hong Kong, Dubai, and Singapore. These new opportunities are emerging, allowing the industry to consolidate itself among the strongest ones in the modern economy.
On the other hand, the US lawsuit against Coinbase on June 6 further emphasizes the challenges crypto businesses face. SEC Chair Gary Gensler accused the crypto exchange of depriving customers of critical protections that prevent fraud and manipulation, and not providing proper safeguards against conflicts of interest.
Binance has previously ranked Brazil among its top global markets. In addition, its local partner was recently granted a payment provider license in the country. Coinbase is also expanding its local operations, partnering with local payment providers to offer crypto purchases and enable deposits and withdrawals in the local currency.
Despite the regulatory actions against Binance and Coinbase, new opportunities for companies like Bitget emerge, as crypto enthusiasts in Latin America explore alternative options. This trend demonstrates the adaptability and resilience of the crypto market in the face of changing regulatory landscapes.
Ultimately, it remains to be seen how the industry will continue to thrive and evolve in accordance with regulations while still offering consumers the benefits of decentralized financial services. The recent surge in Bitget users in Latin America serves as an example of the dynamic nature of the cryptocurrency market and the intricate relationship between regulation, established platforms, and emerging alternatives.
Source: Cointelegraph
