Cryptocurrency exchange Binance has reported over $24 billion in inflows from user deposits in 2024, according to DefiLlama data.
In a blog post, Binance highlighted that its inflows surpassed those of 10 other exchanges combined.
The company attributed this growth to increased global adoption of digital assets, citing regulatory successes, historic price milestones, and the launch of spot Bitcoin exchange-traded funds as major drivers.
“These developments have driven millions of users to Binance, increasing its global user base to almost 250 million people,” Binance said in its Dec. 12 report.
DefiLlama data shows Bybit ranking second in inflows at $8.2 billion, followed by OKX with $5.3 billion.
Other exchanges like BitMEX, Robinhood, and HTX recorded inflows of $3.45 billion, $3.17 billion, and $2.12 billion, respectively.
In contrast, platforms such as Bitstamp, Bitfinex, and Crypto.com experienced outflows of $2.75 billion, $1.77 billion, and $358.1 million.
The ranking excludes exchanges like Coinbase and Gemini, as they haven’t provided “wallet transparency” with proof-of-reserves.
DefiLlama clarified, “While they report assets held due to being a publicly listed company, they haven’t provided wallet transparency. This is also why we haven’t added cbBTC, as we track wallets holding BTC for such projects.”
Binance and other exchanges have also seen a rise in institutional activity.
According to a Dec. 3 CryptoQuant report, the average Bitcoin deposit on Binance increased from 0.36 BTC to 1.65 BTC in 2024.
Similarly, USDt deposits surged from $19,600 to $230,000.
Binance noted it became the first centralized exchange (CEX) to surpass $100 trillion in trading volume, as cited by CCData.
OKX ranks second with a lifetime trading volume of $25 trillion, according to CCData’s Sept. 26 report.
