Binance has solidified its status as the leading crypto exchange, reporting customer deposits totaling $21.6 billion in 2024. This achievement places Binance significantly ahead of its competitors, with data from DeFi Llama showing that the exchange’s deposits surpass the combined total of the next ten largest exchanges tracked by 36%.
Competitors such as OKX, Bitfinex, Robinhood, and Bybit collectively reported $15.9 billion in deposits for the same period. Binance attributes its dominance to initiatives like the Binance Launchpool, which has helped attract and retain funds on the platform. Broader market trends, including a surge in Bitcoin and Tether’s USDT deposits, have also fueled the exchange’s growth.
This year, Binance became the first centralized crypto exchange to surpass $100 trillion in lifetime trading volume. Key factors to Binance’s growth include attracting institutional investors, facilitated by developments like the approval of Bitcoin ETFs. These ETFs provide simplified access to crypto markets for institutional players, driving higher inflows.
The industry’s growth has also paralleled a rise in global digital asset adoption. As a result, Binance has expanded its global user base to nearly 250 million. Binance CEO Richard Teng described 2024 as a landmark year for the crypto sector and expressed gratitude for the trust placed in Binance by its expanding user community.
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