Bitget, a prominent global cryptocurrency exchange, has significantly impacted Nigeria by climbing to the top five in the Google Play app store rankings.
This rise coincides with OKX’s recent exit from the Nigerian market, prompted by the country’s changing regulatory landscape.
The shift in Nigeria’s digital asset space has seen many exchanges struggle to adapt, but Bitget has capitalized on the opportunity, gaining substantial market share.
As other exchanges face regulatory hurdles, Bitget’s commitment to compliance and user-focused services has resonated with Nigerian traders.
Nigeria’s tightening regulations have caused disruptions for major exchanges like Binance and KuCoin.
Binance, under scrutiny for money laundering allegations, has halted several operations, while KuCoin has introduced a 7.5% Value Added Tax on all crypto transactions for Nigerian users.
Coinbase has been entirely prohibited from operating in the Nigerian market, leading to dissatisfaction among local users and prompting them to seek alternatives.
In this challenging environment, Bitget’s strategic approach has set it apart. By adhering to local regulations and maintaining a strong focus on compliance, Bitget has attracted a growing user base.
The exchange’s CEO, Gracy Chen, emphasized the potential of blockchain technology to drive economic development in Africa, highlighting Bitget’s commitment to providing Web3 and crypto services within regulatory bounds.
