Coinspeaker Binance Records $2.6B in User Deposits in 2024
Binance, the world’s largest cryptocurrency exchange by market capitalization, continues to dominate the global crypto space with unmatched growth. In 2024, the company recorded an impressive $21.6 billion in user deposits, a testament to its strong foothold in the industry and the trust it commands among millions of users worldwide.
Despite facing a turbulent regulatory environment in the United States, Binance outperformed ten other major crypto exchanges by a significant margin of 36%, equivalent to $15.9 billion in deposits.
A Landmark Year for Crypto
Binance described 2024 as a landmark year for the crypto industry. The exchange attributed its impressive growth to the increasing acceptance of cryptocurrencies and key developments in the industry, such as the launch of Bitcoin spot ETFs in major markets, including the United States, Hong Kong, Brazil, and Australia.
Binance said that integrating crypto investment products such as Bitcoin and Ethereum ETFs into the mainstream financial market brought about trust within the emerging economy. According to the firm, these developments drew millions of users to the platform. So far, the exchange boasts up to 250 million registered users from across the globe.
“2024 has been a landmark year for the crypto industry, and we are incredibly grateful to our almost 250 million users, and counting, who continue to trust Binance as their chosen platform for trading,” said Richard Teng, Binance CEO.
These users collectively supported Binance to maintain its dominance in the industry. According to a company announcement on Thursday, the average amount of Bitcoin BTC $101 722 24h volatility: 1.5% Market cap: $2.01 T Vol. 24h: $106.29 B deposits across exchanges increased from 0.36 BTC in 2023 to 1.65 BTC in 2024.
In 2024, #Binance recorded an incredible $21.6 billion in user fund deposits!
· Average Bitcoin deposits grew from 0.36 BTC to 1.65 BTC. · USDT deposits surged from $19.6K to $230K, reflecting the rising interest from professional and corporate investors.
— Richard Teng (@_RichardTeng) December 12, 2024
Additionally, other cryptocurrencies, including the stablecoin USDT, saw notable growth. Binance reported that USDT deposits reached $230,000 this year compared to $19,600 in 2023. The company attributed this rise to heightened interest from professional and institutional investors.
Record-Breaking Achievements
Alongside the record-breaking user deposits, Binance accomplished several other significant milestones in 2024, including becoming the first crypto exchange to surpass $100 trillion in lifetime trading volumes. According to the company, the majority of these funds are still within the platform.
“Binance has observed that most of these funds remain on the platform, proving user confidence in Binance’s offerings,” the company said.
Binance attributed this success to various factors, including innovative initiatives like the Binance Launchpool, which enables users to farm rewards in new tokens.
Challenges amid Success
Despite these achievements, Binance faced substantial challenges throughout the year. The company’s founder, Changpeng Zhao (CZ), spent four months in a US federal prison as part of a settlement with authorities over fraud allegations. The case resulted in Binance paying over $4.3 billion in fines to resolve legal disputes.
Beyond the United States, Binance encountered regulatory hurdles in other regions. For instance, the company discontinued its Peer-to-Peer (P2P) services in Nigeria due to local regulatory constraints.
In February, Nigerian authorities arrested Nadeem Anjarwalla, the regional manager for Binance in Africa and Tigran Gambaryan. Although Anjarwalla later escaped custody, Gambaryan suffered the brunt of the authorities. He remained detained till October 2024 when he was finally released following a series of pleas.
In February, Nigerian authorities arrested Nadeem Anjarwalla, Binance’s regional manager for Africa, and Tigran Gambaryan, another company executive. While Anjarwalla managed to escape custody, Gambaryan remained in detention until his release in October 2024 following repeated appeals.
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Binance Records $2.6B in User Deposits in 2024
