Binance has cemented its position as the leading crypto exchange by reporting customer deposits totaling $21.6 billion in 2024, according to a Dec. 12 report.

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 attributed its dominance to initiatives like the Binance Launchpool, which has been instrumental in attracting and retaining funds on the platform. Broader market trends, including a surge in Bitcoin and Tether’s USDT deposits, have also fueled the exchange’s growth.

Data from CryptoQuant reveals that the average Bitcoin deposit on exchanges climbed 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.

This year, Binance achieved another significant milestone as it became the first centralized crypto exchange to surpass $100 trillion in lifetime trading volume.

Key factors to Binance’s growth

The platform attributed its impressive numbers to its ability to attract institutional investors, boosted by developments like the approval of Bitcoin ETFs. These ETFs have provided institutional players simplified access to crypto markets, driving higher inflows.

The industry’s growth has paralleled a rise in global digital asset adoption. Advancements in regulatory frameworks, new Bitcoin ETF approvals, and record-breaking price movements have spurred institutional and retail participation.

As a result, Binance has benefited from this momentum, expanding its global user base to nearly 250 million. In November, the platform reported 240 million users, indicating the addition of around 10 million new users in just one month.

Commenting on these numbers, Binance CEO Richard Teng described 2024 as a landmark year for the crypto sector.

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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