Binance records $24 billion in deposits from 250 million users in 2024.
Binance dominates in 2024 with $24.2 billion in deposits and $100 trillion in lifetime trading, fueled by Professional investments and global adoption.
Professional investors have played a major role in Binance’s $24.2 billion in net deposits so far in 2024.
According to data from DefiLlama, Binance has received over $24 billion in user deposits this year.
In a statement, Binance noted that its deposits are higher than the combined total of 10 other exchanges. The company attributed this success to factors such as the growing global adoption of digital assets, important regulatory approvals, rising cryptocurrency values, and the introduction of spot Bitcoin ETFs in major markets like the U.S. and Hong Kong.
“These advancements have brought millions of new users to Binance, boosting its global user base to nearly 250 million,” the platform stated in a report dated Dec12.
According to DefiLlama, Bybit follows Binance with $8.2 billion in deposits, and OKX ranks next with $5.3 billion. Data for platforms like Coinbase and Gemini is not included in the list.
Other exchanges such as BitMEX, Robinhood, and HTX have also reported significant net deposits of $3.45 billion, $3.165 billion, and $2.12 billion, respectively.
In contrast, exchanges like Bitstamp, Bitfinex, and Crypto.com have experienced net withdrawals, amounting to $2.75 billion, $1.77 billion, and $358.1 million, respectively.
DefiLlama told some crypto online talkies that it doesn’t track exchanges like Coinbase and others that haven’t shared “wallet transparency” or proof-of-reserves.
Meanwhile, Binance and other crypto exchanges have seen a big rise in institutional investments. A CryptoQuant report from Dec. 3 revealed that the average Bitcoin deposit on Binance grew from 0.36 BTC to 1.65 BTC in 2024. Similarly, the average Tether (USDT) deposit increased from $19,600 to $230,000.
Binance also announced that it is the first centralized exchange (CEX) to reach $100 trillion in lifetime trading volume, according to CCData. OKX comes next with $25 trillion in trading volume as of Sept. 26.
Despite expectations that decentralized exchanges (DEXs) would gain more popularity after FTX’s collapse in November 2022, centralized exchanges still dominate. CoinGecko data shows that in the last 24 hours, CEXs recorded $276 billion in trading volume across 218 platforms, while DEXs handled just $28.5 billion.
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