Binance, the world’s largest cryptocurrency exchange, has seen user deposits surge past $24 billion in 2024. According to data from DefiLlama, the exchange has seen $24.213 billion in fund deposits since the start of the year.
The figure puts Binance ahead of its competitors, with Bybit and OKX trailing behind at $8.2 billion and $5.3 billion, respectively.
In a blog post, Binance attributed the influx to the growing global adoption of digital assets, supported by regulatory advances and the launch of spot Bitcoin ETFs in key markets such as the U.S. and Hong Kong.
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Binance User Base Hits 250 Million
In the blog post, Binance also revealed that the recent positive developments have driven the exchange’s user base to nearly 250 million.
While Binance leads in inflows, other platforms have seen mixed results.
DefiLlama’s data shows that BitMEX, Robinhood, and HTX follow with net inflows of $3.45 billion, $3.165 billion, and $2.12 billion, respectively. In contrast, Bitstamp, Bitfinex, and Crypto.com experienced outflows of $2.75 billion, $1.77 billion, and $358.1 million.
Institutional capital has played a major role in Binance’s growth. The average Bitcoin deposit on the platform rose from 0.36 BTC to 1.65 BTC in 2024, while Tether deposits jumped from $19,600 to $230,000, according to CryptoQuant’s December 3 report.
Binance’s dominance is also reflected in its trading volume. It became the first centralized exchange (CEX) to surpass $100 trillion in lifetime trading volume, far outpacing OKX’s $25 trillion as of September 26, according to CCData.
Despite predictions of a shift toward decentralized exchanges (DEXs) following the collapse of FTX in November 2022, CEXs continue to command the majority of crypto trading volume.
Over the past 24 hours, CoinGecko’s data shows that 218 CEXs facilitated $276 billion in trades, compared to just $28.5 billion on DEXs.
“In 2024, we are witnessing a new dawn," #Binance CEO @_RichardTeng told @CNBCi, highlighting increased institutional adoption from traditional markets.
This shift in momentum will be a key theme at #BinanceBlockchainWeek in Dubai, on Oct 30-31.
Full agenda 👉… pic.twitter.com/jowlxn8FMI
— Binance VIP & Institutional (@BinanceVIP) October 16, 2024
As reported, Binance CEO Richard Teng has said that it is “too early” to discuss the possibility of the crypto exchange re-entering the U.S. market following its forced exit in November 2023.
“Whether we re-enter the US market, I think that’s a premature discussion,” Teng said. The statement came despite the upcoming administration of President-elect Donald Trump, which is expected to be more pro-crypto.
Meanwhile, Binance has accelerated its global expansion as of late. Earlier this year, the platform launched Binance Thailand, a joint venture in partnership with Gulf Innova, a subsidiary of Gulf Energy Development.
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Crypto Exchange Volumes Reach New Record in November
Notably, crypto exchange volumes surged to a three-year high in November, driven by Donald Trump’s re-election at the start of the month and rising optimism about potential crypto-friendly regulatory changes.
Data from crypto market tracker New Hedge revealed that spot trading volumes reached $2.9 trillion in November, marking the highest level since May 2021.
Furthermore, November was a historic month for Bitcoin exchange-traded funds (ETFs) in the United States, with investors pouring $6.4 billion into spot BTC ETFs.
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