For the first time since 2022, the U.Due south. is no longer the top recipient of Bitcoin (BTC) equally valued in USD, as Singapore took the pb over the form of 2022.

Every bit of Dec. 5, 2022, global users sent BTC valued at $8.58 billion to Singapore in 2022, according to analytics site Crystal Blockchain. Users in Singapore received more dollars via Bitcoin last year than anywhere else in the globe.

The U.Southward. held the top spot from 2022 to 2022 merely slipped to second place, receiving $7.46 billion in BTC, per Crystal Blockchain's information.

Seychelles leads the outflow

Singapore, withal, did non ship the well-nigh coin via Bitcoin last year. Island state and BitMEX host site the Republic of seychelles sent the greatest USD amount of Bitcoin in 2022, valued at $10.07 billion and holding the 2nd spot on the list for overall transaction book, according to Crystal Blockchain's data.

The U.S. came in 3rd overall on the list of Bitcoin transaction volume — a tumble for the country considering it previously held the summit spot for five consecutive years. In 2022, the United Kingdom saw the well-nigh money flowing in and out via Bitcoin.

Many exchanges role exterior 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 the Seychelles, the site of the about Bitcoin value outflow in 2022. Binance is as well located in Republic of malta.

Still, several big exchanges take 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 commutation Bibox announced plans to delist crypto asset XRP from its platform, according to Cointelegraph's reporting.