Binance, the world’s largest cryptocurrency exchange, has amassed a staggering $24 billion in user deposits this year, according to data from DefiLlama. This figure dwarfs the inflows of its competitors, with Bybit coming in second at $8.2 billion and OKX at $5.3 billion.
Binance attributes this growth to a global surge in digital asset adoption, fueled by recent regulatory wins, record-breaking cryptocurrency prices, and the launch of spot Bitcoin ETFs in major markets. This influx of users has pushed their global user base to nearly 250 million.
However, the data from DefiLlama excludes some major players like Coinbase and Gemini. While BitMEX, Robinhood, and HTX show significant inflows (over $2 billion each), Bitstamp, Bitfinex, and Crypto.com have experienced net outflows.
Beyond retail investors, Binance is also attracting larger institutional deposits. According to CryptoQuant, the average Bitcoin deposit on Binance has grown from 0.36 BTC to 1.65 BTC in 2024, and Tether deposits have jumped from $19,600 to $230,000.
Binance also boasts surpassing $100 trillion in lifetime trading volume, solidifying its dominance in the centralized exchange (CEX) market. While DEXs were predicted to gain traction after the FTX collapse in 2022, CEXs like Binance continue to hold the majority of trading volume, with $276 billion compared to DEXs’ $28.5 billion in the last 24 hours (data from CoinGecko).
December 2024, Cryptoniteuae
