America has lost its 1st place in Bitcoin transaction volume for the first time, Singapore is No.1

For the first time since 2013, America has lost its top receiver position of Bitcoin (BTC) as valued in USD to Singapore in 2019.

According to analytics site Crystal Blockchain, since Dec. 5, 2019, global users sent BTC valued at $8.58 billion to Singapore in 2019 which made it received more dollars via Bitcoin last year than anywhere else in the world. On the contrary, The U.S. held the top place from 2014 to 2018 but dropped to 2nd place, receiving $7.46 billion in BTC.

Seychelles has top outflow transactions

Image via Crystal Blockchain

It is noticeable that Singapore did not send the most money via Bitcoin last year. An island country and BitMEX host site, the Seychelles sent the greatest USD amount of Bitcoin in 2019, valued at $10.07 billion and ranking 2nd place on the list for overall transaction volume.

The U.S. placed at third overall on the list of Bitcoin transaction volume. It is such a tumble for the country considering it previously held the top spot for five consecutive years.

Many exchanges set up its headquarter out of the U.S. and Europe

Many top crypto exchanges have set up its headquarter in countries outside the U.S. and the European Union, which host notoriously stringent regulations.

Cryptocurrency giant BitMEX exchange operates its headquarters in the Seychelles, the site of the most Bitcoin value outflow in 2019. Binance did the same when its headquarter located in Malta and a branch in the U.S., one of the regulation-strict countries.

However, several large exchanges have still found headquarter on U.S. land, including Coinbase, Kraken, and Gemini.

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