On November 20, the cryptocurrency market data portal CoinGecko published a report on the countries most affected by the FTX collapse.

Unsurprisingly, most are in Asia, as US investors used FTX.US rather than the failed international exchange. However, the report needs to be more accurate in that it ranks the top 30 countries based on monthly users rather than the number of customers lost in each country.

Asians are the hardest hit by FTX

However, the two can be linked because it seems reasonable that the largest user bases would have been the most affected.

According to CoinGecko, South Korea ranked first in terms of monthly users, with a traffic share of 6.1%, representing 297,229 unique monthly active users on average visiting FTX.com. The South Korean government has now accelerated the development of its regulatory framework, the Digital Asset Basic Act, which is expected to be completed in 2023.

Singapore came in second, with 241,675 monthly users, accounting for 5% of total FTX traffic. According to the report, the shutdown of Binance in Singapore in December 2021 caused a shift to FTX.

Japan had the third-largest user base, with 223,513 unique users visiting FTX.com monthly on average. SoftBank, a Japanese investment firm, reported a $100 million investment in FTX earlier this year. Taiwan and India were also in the top ten, and the top 15 Asian countries accounted for more than 25% of all FTX users.

According to the report, Asian exchanges benefited from the crash by increasing their market share. Binance gained 7% of the market, while OKX increased its share by 1.1% to 13% overall.

Over the weekend, the details of the FTX bankruptcy filings were revealed, causing markets to bleed even more on Monday.

How do you think the FTX collapse will impact the global economy? Drop your comments by sharing this article on social media.

Posted 
Nov 21, 2022
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Crypto News
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