Bitget’s Rise to Popularity in Nigeria
Bitget, a leading global cryptocurrency exchange, is making waves in Nigeria. The exchange recently cracked the top five on the Google Play app store in the country, a remarkable achievement given recent regulatory changes in Nigeria’s digital asset space.
Bitget’s Success Amidst Market Challenges
Nigeria has seen a shakeup in its centralized exchange (CEX) landscape, with regulatory changes and new taxes impacting major players. This shift has created an opportunity for Bitget, which has emerged as a popular alternative. The exchange’s rise is especially notable after the exit of OKX from the Nigerian market.
Bitget’s success is in stark contrast to other exchanges like Binance and KuCoin. Binance faced challenges and withdrew some operations in Nigeria, while KuCoin implemented a 7.5% Value Added Tax (VAT) on crypto transactions for Nigerian users. Coinbase has been banned from operating in the country altogether.
Bitget’s Strategy for Success in Africa
Bitget’s CEO, Gracy Chen, has highlighted the potential of blockchain technology to drive economic development in Africa. The exchange is committed to providing Web3 and cryptocurrency services to African users, while also adhering to regulatory guidelines.
Bitget’s focus on regulatory compliance and its commitment to the African market have positioned it as a favorite among traders. The exchange’s recent growth in Nigeria reflects its long-term plans for expansion across the continent.
