Growth in decentralized finance (DeFi) has driven North America to become the world’s second-biggest largest crypto market, new research by crypto intelligence firm Chainalysis said.

East Asia’s share of global crypto transaction volume started dropping in April 2020, long before this year’s crackdown on the industry by Chinese authorities, research by Chainalysis shows.

Since China’s State Council called for a crackdown on crypto mining in May, China’s miners have been moving their facilities overseas, primarily to North America, Central Asia and South America.