DataLight published a report showing that US users were responsible for 22 million visits to cryptocurrency exchanges.
It seems that the good ol’ USA is the new center of the crypto-trading universe. According to a recent report from Estonian crypto research firm DataLight, most of the world’s cryptocurrency traders are located in the United States.
DataLight collected and analyzed data from the top 100 “most popular” cryptocurrency exchanges to find that 22 million monthly visits to these cryptocurrency exchanges were from US-based users, followed by Japan (6.14 million monthly visits) and South Korea (5.73 million monthly visits.)
The UK rang in at fourth place with 3.89 million monthly visits, a number that the report said was likely to grow.
The data also showed high numbers of users from countries whose fiat currencies are unstable, including Mexico, Ukraine, and Turkey. “Interestingly, on one day in August 2018, a 10% drop in the value of the Lira was accompanied by a marked spike in volumes on Bitcoin exchange LocalBitcoins,” the report explains.
The Report Also Revealed Untapped Markets
DataLight’s report also revealed another interesting demographic: where cryptocurrency trading traffic is completely nonexistent. While most countries in the world saw at least some trading volume, Greenland, parts of Central Africa, and a couple of countries sprinkled throughout Asia saw no monthly visits to cryptocurrency exchanges at all.
At least one cryptocurrency exchange sees these untapped markets as an opportunity for growth: “efforts from Binance may introduce Cryptocurrencies to the untapped countries in central and coastal Africa as they launched Binance Uganda in October 2018,” the report explained.
Despite the apparent popularity of cryptocurrency trading within the United States, the country’s regulations around cryptocurrency are still unclear. However, the lack of clarity doesn’t seem to correlate with a lack of enforcement activity--last month, the Financial Crimes Enforcement Network (FinCEN) issued a $35,000 fine to a peer-to-peer Bitcoin trader for failing to register as a money services business.
8/ Here, it looks like FinCEN wanted to settle two debates once and for all. It believes:
1) Mere two-party exchange is "money transmission"
2) Individuals can be money transmitters
(2) should be obvious. (1) is deeply problematic.
— Marco Santori (@msantoriESQ) April 19, 2019
In August, a LocalBitcoins trader was sentenced to 41 months in prison for money laundering after conducting in-person Bitcoin trades amounting to over $160,000.
It seems that the good ol’ USA is the new center of the crypto-trading universe. According to a recent report from Estonian crypto research firm DataLight, most of the world’s cryptocurrency traders are located in the United States.
DataLight collected and analyzed data from the top 100 “most popular” cryptocurrency exchanges to find that 22 million monthly visits to these cryptocurrency exchanges were from US-based users, followed by Japan (6.14 million monthly visits) and South Korea (5.73 million monthly visits.)
The UK rang in at fourth place with 3.89 million monthly visits, a number that the report said was likely to grow.
The data also showed high numbers of users from countries whose fiat currencies are unstable, including Mexico, Ukraine, and Turkey. “Interestingly, on one day in August 2018, a 10% drop in the value of the Lira was accompanied by a marked spike in volumes on Bitcoin exchange LocalBitcoins,” the report explains.
The Report Also Revealed Untapped Markets
DataLight’s report also revealed another interesting demographic: where cryptocurrency trading traffic is completely nonexistent. While most countries in the world saw at least some trading volume, Greenland, parts of Central Africa, and a couple of countries sprinkled throughout Asia saw no monthly visits to cryptocurrency exchanges at all.
At least one cryptocurrency exchange sees these untapped markets as an opportunity for growth: “efforts from Binance may introduce Cryptocurrencies to the untapped countries in central and coastal Africa as they launched Binance Uganda in October 2018,” the report explained.
Despite the apparent popularity of cryptocurrency trading within the United States, the country’s regulations around cryptocurrency are still unclear. However, the lack of clarity doesn’t seem to correlate with a lack of enforcement activity--last month, the Financial Crimes Enforcement Network (FinCEN) issued a $35,000 fine to a peer-to-peer Bitcoin trader for failing to register as a money services business.
8/ Here, it looks like FinCEN wanted to settle two debates once and for all. It believes:
1) Mere two-party exchange is "money transmission"
2) Individuals can be money transmitters
(2) should be obvious. (1) is deeply problematic.
— Marco Santori (@msantoriESQ) April 19, 2019
In August, a LocalBitcoins trader was sentenced to 41 months in prison for money laundering after conducting in-person Bitcoin trades amounting to over $160,000.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Broadridge to Bolster Prometheum's Digital Asset Securities Infrastructure
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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