Bitget climbs to the top five on Google Play in Nigeria amid significant regulatory changes affecting other major exchanges.
Bitget, a global leader in the cryptocurrency exchange industry, is currently garnering attention in Nigeria.
The exchange has achieved a position in the top five of the Google Play app store.
This remarkable development occurs in the context of substantial regulatory changes in Nigeria’s digital asset sector, which have impacted numerous other major exchanges.
Additionally, after OKX’s departure from the country, crypto enthusiasts have migrated to Bitget, which they perceive as a superior alternative.
The crypto exchange has further secured the dominant positions in Nigeria’s crypto market due to its landmark growth.
Nigeria’s centralized exchange (CEX) landscape has undergone a substantial transformation due to recent regulatory and taxation modifications.
Nevertheless, Bitget has achieved a remarkable rise to the top five of the Google Play app store’s top free apps chart in Nigeria despite this.
This action suggests that the exchange is gaining prominence, surpassing other players such as Binance and KuCoin.
Bitget became one of the country’s top exchanges as a result of the paradigm shift in the industry that was triggered by OKX’s withdrawal from the Nigerian market.
In the interim, other industry participants have encountered challenges in recent months as a result of the country’s evolving regulatory landscape.
For example, despite persistent scrutiny, Binance encountered substantial obstacles and ultimately ceased operations in multiple capacities.
It is important to mention that Binance executives are presently facing charges of money laundering and other related offenses in the country.
Concurrently, KuCoin has implemented a 7.5% Value Added Tax (VAT) on all crypto transactions for Nigerian consumers.
Conversely, Coinbase has been wholly prohibited from conducting business in the Nigerian market.
These developments have resulted in dissatisfaction among Nigerian users, compelling them to redirect their attention to alternative exchanges.
In this context, the Bitget seems to be attracting the attention of investors and garnering rapid adoption in the domestic market.
The exchange’s CEO, Gracy Chen, has given his perspective on the potential of blockchain technology to stimulate economic growth in Africa. She declared:
Blockchain presents a unique opportunity for Africa to leapfrog traditional economic development stages and embrace the digital economy. We at Bitget are committed to providing Web3 and crypto services to African users within the bounds of regulatory guidelines.
The most recent development indicates Bitget’s dedication to the African market, and its emphasis on regulatory compliance has established it as the preferred choice among merchants.
Additionally, the recent departure of OKX has significantly increased its market presence, as evidenced by the recent increase in the app store rankings.
In the interim, the platform’s strategy is also in opposition to that of other participants, who are experiencing difficulty with the most recent change.
By adhering to local crypto regulations and remaining dedicated to the region, the exchange attracted a substantial trader base in Nigeria.
Also indicative of its long-term objectives for expansion and development in Africa, the exchange’s ascent in Nigeria.
Additionally, the exchange’s innovative approach and emphasis on compliance distinguish it as a leader in the country’s swiftly evolving crypto landscape.
