Binance cemented its leadership as the world’s leading cryptocurrency exchange, by reporting that customer deposits will total $21.6 billion dollars in 2024. This was revealed in a report published on Dec. 12.
This achievement places Binance significantly ahead of its competition, with data from DeFi Llama revealing that the exchange’s deposits surpass the combined total of the next ten largest exchanges tracked by 36%. Competitors—including OKX, Bitfinex, Robinhood, and Bybit—collectively reported $15.9 billion in deposits for the same period.
Binance has attributed the success of its platform to Binance Launchpool and other initiatives that have helped attract funds. Broader market trends, including a surge in Bitcoin and Tether’s USDT deposits, have also fueled the exchange’s growth.
CryptoQuant’s data shows the average Bitcoin exchange deposit grew by 358%, from 0.36 BTC at 2023 to 1.65 BTC. USDT deposits have also seen a staggering 1,073% jump from $19600 to $230,000.
Binance reached another milestone in 2018. It was the first centralized crypto exchange that exceeded $100 trillion of trading volume.
Key factors to Binance’s growth
Platforms like Bitcoin ETFs have helped boost institutional investor interest, which has led to impressive growth. The ETFs provided a simplified way for institutional investors to access crypto markets and drove higher inflows.
The industry’s growth has paralleled a rise in global digital asset adoption. Institutional and retail participants have been encouraged to participate by the new regulatory frameworks and approvals of Bitcoin ETFs.
Binance has been able to benefit from the momentum created by this, increasing its global users base up to approximately 250 million. The platform had 240 millions users as of November. This means that around 10,000,000 new users have joined the platform in just a month.
Binance CEO Richard Teng commented on the numbers and described 2024 a historic year for crypto.
He expressed gratitude for the trust placed in Binance by its expanding user community while emphasizing the platform’s role in driving innovation and shaping the future of crypto trading and investment.
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