Latin American Crypto Holders Shift to Bitget Exchange Following Binance and Coinbase SEC Crackdown In the aftermath of the US Securities and Exchange Commission’s
crackdown on major crypto exchanges Binance and Coinbase, Latin America’s crypto holders
have reacted to this development with a surge of new accounts registered with Bitget, a crypto derivatives exchanges.
The American regulator filed
lawsuits against both Binance, the globe’s largest cryptocurrency exchange,
and Coinbase, the largest US-based crypto exchange, in the past days.
The SEC pressed
13 charges against Binance and its US-based affiliates. These ranged between accusations of allegedly operating
as an unregistered exchange, and offering unregistered securities to customers. The commission also
filed similar charges against Coinbase.
With the regulator targeting two major US exchanges,
Latin American crypto holders are intensifying efforts to shift their funds to Bitget, among others. Compared to daily averages, new users from the region expanded
by 43% between June 6 and 9. Brazil and Argentina, which boast the continent’s largest populations, led market share growth.
