Binance, the world’s largest cryptocurrency exchange, saw an increase in user deposits of over $24 billion in 2024. According to Data from DefiLlamaThe stock market has witnessed $24.213 billion in deposits since the beginning of the year.
This figure puts Binance ahead of its competitors, with Bybit and OKX trailing at $8.2 billion and $5.3 billion, respectively.
In a Blog postBinance attributed this influx to the growing global adoption of digital assets, supported by regulatory progress and the launch of Bitcoin exchange-traded funds in major markets such as the United States and Hong Kong.
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Binance user base reaches 250 million
In the blog post, Binance also revealed that recent positive developments have pushed the exchange’s user base to nearly 250 million.
While Binance leads in inflows, other platforms have seen mixed results.
DefiLlama data shows BitMEX, Robinhood, and HTX following with net inflows of $3.45 billion, $3.165 billion, and $2.12 billion, respectively. In contrast, Bitstamp, Bitfinex, and Crypto.com saw outflows of $2.75 billion, $1.77 billion, and $358.1 million.
Institutional capital has played a major role in Binance’s growth. The average Bitcoin deposit on the platform rose from 0.36 BTC to 1.65 BTC in 2024, while Tether deposits jumped from $19,600 to $230,000, according to a December 3 Cryptoquant report.
Binance’s dominance is also reflected in its trading volume. It became the first central exchange (CEX) to surpass $100 trillion in lifetime trading volume, far surpassing OKX’s $25 trillion as of September 26, according to CCData.
Despite predictions of a shift towards decentralized exchanges (DEXs) following the FTX crash in November 2022, CEXs continue to control the majority of cryptocurrency trading volume.
Over the past 24 hours, CoinGecko data shows that 218 trading exchanges facilitated $276 billion worth of trades, compared to just $28.5 billion on DEX exchanges.
“In 2024 we witness a new dawn” #Binance CEO @_Richard Teng He said @CNBChighlighting the increasing institutional adoption of traditional markets.
This shift in momentum will be a major theme in #BinanceBlockchainWeek In Dubai on October 30 and 31.
Full agenda
… pic.twitter.com/jowlxn8FMI
— Binance VIP and Institutions (@BinanceVIP) October 16, 2024
Binance CEO Richard Teng has reportedly done just that He said it was “too early.” To discuss the possibility of the cryptocurrency exchange returning to the US market after its forced exit in November 2023.
“Whether we return to the US market, I think this is a premature discussion,” Teng said. This statement came despite the incoming administration of President-elect Donald Trump, which is expected to be more pro-cryptocurrencies.
Meanwhile, Binance has been accelerating its global expansion recently. Earlier this year, the platform launched Binance Thailand, a joint venture in partnership with Gulf Innova, a subsidiary of Gulf Energy Development.
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Cryptocurrency trading volume hits new record high in November
Notably, cryptocurrency trading volumes rose to a three-year high in November, driven by the re-election of Donald Trump at the beginning of the month and increasing optimism about potential cryptocurrency-friendly regulatory changes.
Data from cryptocurrency market tracker New Hedge revealed spot trading volumes It reached $2.9 trillion In November, reaching the highest level since May 2021.
Furthermore, November was a historic month for Bitcoin exchange-traded funds (ETFs) in the US, as investors poured $6.4 billion into Bitcoin ETFs.
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The post Binance Sees Over $24 Billion in User Deposits in 2024 DefiLlama Data appeared first on 99Bitcoins.