Global cryptocurrency platform Binance has amassed over $24 billion in user deposits throughout 2024, according to data compiled by DefiLlama.
In a recent update, Binance highlighted its inflows outpacing the combined total of 10 rival exchanges. The company attributed this remarkable growth to increased global interest in cryptocurrencies, fueled by regulatory breakthroughs, record-setting price movements, and the introduction of spot Bitcoin ETFs in key markets.
“These milestones have drawn millions of new users to Binance, pushing its worldwide user count to nearly 250 million,” the exchange shared in its Dec. 12 announcement.
DefiLlama data indicates Bybit and OKX trail behind Binance, recording $8.2 billion and $5.3 billion in inflows, respectively. However, exchanges like Coinbase and Gemini are absent from the comparison, as they lack comprehensive wallet transparency.
Other platforms such as BitMEX, Robinhood, and HTX reported net inflows of $3.45 billion, $3.17 billion, and $2.12 billion, respectively. On the flip side, exchanges including Bitstamp, Bitfinex, and Crypto.com experienced outflows amounting to $2.75 billion, $1.77 billion, and $358.1 million.
A DefiLlama representative explained that Coinbase and similar platforms remain untracked due to their lack of “wallet transparency” through proof-of-reserves, despite being publicly listed companies.
In 2024, institutional engagement with Binance also surged significantly. According to a Dec. 3 report by CryptoQuant, the average Bitcoin deposit grew from 0.36 BTC to 1.65 BTC, while USDt deposits skyrocketed from $19,600 to $230,000.
Additionally, Binance became the first centralized exchange (CEX) to cross $100 trillion in trading volume, according to CCData. Its closest competitor, OKX, lags with a lifetime volume of $25 trillion as of September 2024.
Despite predictions of a migration toward decentralized exchanges (DEX) after FTX’s 2022 collapse, CEX platforms continue to dominate trading activity. Data from CoinGecko shows that 218 CEXs processed $276 billion in trading volume over the past 24 hours, dwarfing the $28.5 billion handled by DEXs during the same period.
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