Binance continues to solidify its position as the leading crypto exchange, recording total customer deposits of $21.6 billion by 2024, according to a Dec. 12 report. This achievement not only keeps Binance in the lead but also puts it ahead of its competitors, with data from DeFiLlama showing that Binance deposits surpass the total deposits of the next 10 largest exchanges, capturing 36% of the market share. Rivals like OKX, Bitfinex, Robinhood, and Bybit collectively reported total deposits of $15.9 billion during the same period.

Binance attributes this dominance largely to strategic initiatives such as Binance Launchpool, which played a key role in attracting and retaining deposits on the platform. In addition, broader market trends, such as the increase in USDT deposits from Bitcoin and Tether, also contributed to the exchange’s strong growth.

Source: DefiLlama

According to data from CryptoQuant, the average Bitcoin deposit on exchanges increased by 358%, from 0.36 BTC in 2023 to 1.65 BTC in 2024. Similarly, the average USDT deposit also increased significantly, up to 1,073%, from $19,600 to $230,000.

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

Key factors driving Binance’s growth include its ability to attract institutional investors, especially thanks to major events such as the approval of Bitcoin ETFs. These funds have created opportunities for institutional investors to gain easier access to the crypto market, contributing to the inflow of funds to the platform.

The growth of the crypto industry goes hand in hand with the increasing adoption of digital assets globally. Advances in regulatory frameworks, approvals of new Bitcoin ETFs, and significant price movements have created favorable conditions for both institutional and retail investors to participate.

As a result, Binance has capitalized on this growth, expanding its global user base to nearly 250 million. In November, the platform reported reaching 240 million users, representing an increase of 10 million users in just one month.

Commenting on these achievements, Binance CEO Richard Teng said that 2024 is a landmark year for the crypto industry. He expressed his deep gratitude for the trust of the user community and emphasized Binance's role in driving innovation and shaping the future of crypto trading and investing.



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