March 28, 2024

US Lost Leadership in Bitcoin Transaction Volume

For the first time since 2013, the U.S. has lost its lead in terms of bitcoin transaction volume.In 2019, Singapore hadtransactions with the first cryptocurrency in the amount of $ 8.58 billion were made, and in the United States - only $ 7.46 billion.

At the same time, as analytical website Crystal reportsBlockchain, Singapore became the leader in accepting transfers in the first cryptocurrency, and in terms of withdrawing bitcoins, the first place was taken by the island state of Seychelles, where the cryptocurrency derivatives exchange BitMEX is registered. From there, $10.07 billion worth of bitcoins were sent.

Seychelles also took second place overallBitcoin transaction volume. In 2013, the UK became the leader in the volume of transactions with the first cryptocurrency. After that, for 5 years, the first place in this ranking was occupied by the United States, but in 2019, the United States became only the third in terms of the volume of bitcoins withdrawn.

Note that the largest cryptocurrency platformsare registered offshore due to stricter regulation in the United States and the European Union. However, some major exchanges, such as Coinbase, Kraken and Gemini, remain under the jurisdiction of the United States, and last year Binance also launched a US division.

In addition, it recently became known that the cryptocurrency derivatives exchange Deribit plans to change jurisdiction from the Netherlands to Panama due to changes in anti-money laundering (AML) procedures.

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