Binance has solidified its position as the leading cryptocurrency exchange, reporting a total customer deposit of $21.6 billion in 2024, according to a report on December 12.

This achievement helps Binance far surpass its competitors, with data from DeFi Llama showing that this exchange's deposits exceed the total deposits of the next ten largest tracked exchanges by 36%. Competitors—including OKX, Bitfinex, Robinhood, and Bybit—reported a total of $15.9 billion in deposits during the same period.

Binance believes its dominance is due to initiatives such as Binance Launchpool, which play a crucial role in attracting and retaining funds on this platform. Broader market trends, including the increase in Bitcoin and Tether USDT deposits, also drive the exchange's growth.

Data from CryptoQuant shows that the average Bitcoin deposit on exchanges has increased by 358% to 1.65 BTC in 2024 from 0.36 BTC in 2023. Similarly, the average USDT deposit has significantly risen by 1,073% from $19,600 to $230,000.

This year, Binance reached another significant milestone by becoming the first centralized cryptocurrency exchange to surpass $100 trillion in trading volume throughout its operation.

The key factors driving the development of Binance

The platform attributes its impressive numbers to its ability to attract institutional investors, driven by events such as the approval of Bitcoin ETFs. These ETFs have provided institutional investors with easier access to the cryptocurrency market, boosting inflows.

The growth of this industry parallels the rise in global adoption of digital assets. Advances in the legal framework, new Bitcoin ETF approvals, and record-breaking price volatility have driven participation from both institutions and retail investors.

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

Commenting on these figures, Binance CEO Richard Teng described 2024 as a pivotal year for the cryptocurrency sector.

He expressed gratitude for the trust that the increasingly expanding user community has in Binance, while emphasizing the platform's role in driving innovation and shaping the future of cryptocurrency trading and investment.

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