2024 marks a major step forward in the development of Binance, the world's leading cryptocurrency exchange. Specifically, Binance has attracted more than $24B in user deposits this year, far surpassing its competitors. For comparison, Bybit - the second-ranked exchange - recorded only $8.2B in inflow, followed by OKX at $5.3B. Other CEX exchanges such as BitMEX, Robinhood, and HTX recorded net inflows of $3.45B, $3.165B, and $2.12B, respectively. The above figures are a clear demonstration of the difference in scale and user trust between Binance and the rest of the market.

In its December 12, 2024 report, Binance itself explained that this strong growth was driven by important milestones such as the approval of Bitcoin ETFs in the US and other major markets such as Hong Kong. These developments not only attracted millions of new users but also brought Binance's total global user base to nearly 250 million - a number far surpassing any of its competitors in the industry.

Another factor that underscores Binance’s dominance is its lifetime trading volume. With over $100 trillion – yes, $100 trillion – Binance became the first CEX to reach this milestone, four times more than OKX – which came in second with $25 trillion.

In addition, Binance has also recorded a significant increase in institutional capital. According to CryptoQuant's report, the average Bitcoin deposit on the exchange increased from $0.36 BTC to $1.65 BTC in 2024, while the amount of $USDT deposits increased from $19,600 to $230,000. These figures show the growing participation of financial institutions in the cryptocurrency market through Binance.

Although decentralized exchanges (DEXs) are expected to grow more strongly after the collapse of FTX in late 2022, centralized exchanges (CEXs) like Binance still hold the lead. In the past 24 hours alone, the total trading volume from 218 CEXs tracked by CoinGecko reached $276B, while DEXs only reached $28.5B – a stark gap that shows the power and influence of CEXs in the crypto industry.

Binance’s meteoric rise is a testament to the growing adoption of cryptocurrency globally, fueled by trust in a robust, transparent, and market-relevant platform. As an industry pioneer, Binance has not only shaped the market but also paved the way for new trends and standards in cryptocurrency adoption worldwide.
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