Binance, the leading cryptocurrency exchange, has once again solidified its position in the market by reporting a staggering $21.6 billion in customer deposits for the year 2024. This remarkable achievement, as highlighted in a recent report on December 12, places Binance far ahead of its competitors. In fact, data from DeFi Llama reveals that Binance’s deposits surpass the combined total of the next ten largest exchanges by 36%, including industry players like OKX, Bitfinex, Robinhood, and Bybit, who collectively reported $15.9 billion in deposits during the same period.
One of the key drivers of Binance’s success has been its innovative initiatives, such as the Binance Launchpool, which has proven instrumental in attracting and retaining funds on the platform. Additionally, broader market trends, such as the surge in Bitcoin and USDT deposits, have further fueled Binance’s growth.
Data from CryptoQuant paints a picture of the increasing average deposits on exchanges, with Bitcoin deposits climbing by 358% to 1.65 BTC in 2024 from 0.36 BTC in 2023. Similarly, average USDT deposits saw an extraordinary 1,073% rise from $19,600 to $230,000.
In a significant milestone for the exchange, Binance became the first centralized crypto platform to surpass $100 trillion in lifetime trading volume this year.
The platform credits its impressive numbers to its ability to attract institutional investors, particularly in light of developments like the approval of Bitcoin ETFs. These ETFs have simplified access to crypto markets for institutional players, leading to higher inflows.
The growth of the industry has been paralleled by a global increase in digital asset adoption, driven by advancements in regulatory frameworks, new Bitcoin ETF approvals, and record-breaking price movements that have spurred institutional and retail participation.
As a result, Binance has seen its global user base grow to nearly 250 million. In November alone, the platform reported 240 million users, indicating the addition of approximately 10 million new users in just one month.
CEO Richard Teng described 2024 as a landmark year for the crypto sector, expressing gratitude for the trust placed in Binance by its expanding user community. He emphasized the platform’s pivotal role in driving innovation and shaping the future of crypto trading and investment.
Overall, Binance’s continued growth and dominance in the market underscore its position as a trailblazer in the evolving landscape of cryptocurrency exchanges.