The post Bitget Climbs to Top 5 in App Rankings as OKX Exits Nigerian Market appeared on BitcoinEthereumNews.com.

Bitget has surged to the top 5 in Google Play app rankings in Nigeria. Bitget ascends to this ranking just as the OKX exchange exits the Nigerian market. The exchange’s strategic expansion positioned it favorably amid regulatory challenges faced by other exchanges. In a remarkable turn of events, Bitget has emerged as a top-ranking finance-based mobile application in the Nigerian market. According to the latest data from the Google Play app store’s top free apps chart, Bitget has secured a spot among the top 5. It surpassed its top competitors, including exchanges Binance, KuCoin, and Bybit. Bitget ascends to this ranking just as the OKX exchange exits the Nigerian market, creating a void in the highly competitive crypto trading landscape. OKX announced ceasing operations in Nigeria this week amid updated regulatory requirements from the Nigerian government. Several other exchanges that initially support Nigerians are similarly grappling with the new regulatory regime. For instance, Binance discontinued all services related to the Nigerian Naira in March, including P2P trading, while two of its executives are in detention in the country. Similarly, KuCoin has introduced a 7.5% transaction fee tax for its Nigerian users to help them navigate the new regulatory regime. Other exchanges like Coinbase have discontinued their services for Nigerians. In contrast, Bitget has experienced rapid adoption and positive reception in the country. Bitget CEO Gracy Chen believes blockchain presents a unique opportunity for Africa to get ahead of 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,” Gracy stated. Bitget believes its commitment to the African market, strategic expansion, and adherence to local regulatory frameworks have positioned it favorably. As OKX exits the market, Bitget is capitalizing on the opportunity…

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Filed under: News - @ July 18, 2024 7:20 pm