For the first time since 2013, the U.S. is no longer the top recipient of Bitcoin (BTC) as valued in USD, as Singapore took the lead over the course of 2020.
As of Dec. 5, 2019, global users sent BTC valued at $8.58 billion to Singapore in 2019, according to analytics site Crystal Blockchain. Users in Singapore received more dollars via Bitcoin last year than anywhere else in the globe.
The U.S. held the top spot from 2014 to 2018 but slipped to 2nd place, receiving $7.46 billion in BTC, per Crystal Blockchain’s data.
Seychelles leads the outflow
Singapore, however, did not send the most money via Bitcoin last year. An island country and BitMEX host site Seychelles sent the greatest USD amount of Bitcoin in 2019, valued at $10.07 billion and holding the second spot on the list for overall transaction volume, according to to Crystal Blockchain’s data.
The U.S. came in third overall on the list of Bitcoin transaction volume — a tumble for the country considering it previously held the top spot for five consecutive years. In 2013, the United Kingdom saw the most money flowing in and out via Bitcoin.
Many exchanges function outside the U.S.
Many top exchanges in the crypto space have found homes in countries outside the U.S. and the European Union, which host notoriously stringent regulations.
Crypto derivatives giant BitMEX operates its headquarters out of Seychelles, the site of the most Bitcoin value outflow in 2020. Binance is also located in Malta.
Still, several large exchanges have retained their position on U.S. soil, including Coinbase, Kraken, and Gemini, with Binance also setting up a regulation-sensitive branch in the country.
Earlier this month, Singapore-based crypto exchange Bibox announced plans to delist crypto-asset XRP from its platform, according to Cointelegraph’s reporting.
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