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Binance Tops with $21.6 Billion in Deposits for 2024, Surpassing Total of Top 10 Exchanges Together
Binance has reinforced its status as the premier cryptocurrency exchange globally, reporting $21.6 billion in customer deposits for 2024.
This amount exceeds the total inflows of the next ten largest exchanges, as detailed in Binance’s report from December 12.
The exchange credits its expansion to the growing worldwide acceptance of digital assets, spurred by advancements in regulation, unprecedented cryptocurrency valuations, and the authorization of spot Bitcoin ETFs in significant markets such as the U.S. and Hong Kong.
Binance User Base Reaches 250 Million
Binance disclosed that its user base has expanded to nearly 250 million worldwide, marking a significant achievement in its growth.
Data from DefiLlama indicates that Bybit ranks as the second-largest recipient of customer deposits, with $8.2 billion, followed by OKX at $5.3 billion.
BitMEX, Robinhood, and HTX complete the top rankings with $3.45 billion, $3.165 billion, and $2.12 billion, respectively.
Conversely, exchanges such as Bitstamp, Bitfinex, and Crypto.com faced net outflows of $2.75 billion, $1.77 billion, and $358.1 million.
Interest from institutional investors in centralized exchanges (CEXs) is also increasing.
According to CryptoQuant’s report from December 3, the average Bitcoin deposit at Binance rose from 0.36 BTC to 1.65 BTC in 2024.
At the same time, average Tether (USDT) deposits experienced a notable increase from $19,600 to $230,000.
Binance became the first centralized exchange to exceed $100 trillion in total trading volume, as reported by CCData.
OKX holds the second position, trailing with $25 trillion. Despite forecasts suggesting a transition toward decentralized exchanges (DEXs) following the collapse of FTX in 2022, CEXs continue to lead.
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“In 2024, we are witnessing a new dawn,” #Binance CEO @_RichardTeng stated to @CNBCi, emphasizing the rise in institutional adoption from traditional markets.
This shift in momentum will be a central theme at #BinanceBlockchainWeek in Dubai, on Oct 30-31.
Full agenda… pic.twitter.com/jowlxn8FMI
— Binance VIP & Institutional (@BinanceVIP) October 16, 2024
Data from CoinGecko shows that CEXs accounted for $276 billion in 24-hour trading volume, significantly overshadowing the $28.5 billion recorded by DEXs.
Recently, stablecoin issuer Circle and Binance announced a collaboration aimed at enhancing the adoption of the dollar-backed stablecoin USDC and the broader acceptance of digital assets.
However, on a negative note, Cambodia has restricted access to 16 cryptocurrency exchange websites, including major platforms such as Binance, Coinbase, and OKX, as part of its ongoing regulatory efforts in the digital asset sector.
Crypto Spot Trading Volume Surges to $2.71 Trillion in November
November experienced a revival in cryptocurrency trading, with monthly spot trading volumes soaring to $2.71 trillion—the highest since May 2021.
This figure represents more than a twofold increase from October’s $1.14 trillion, with Binance leading the market by processing $986 billion, which accounts for 36% of the total volume.
Other prominent exchanges, including Crypto.com, Upbit, and Bybit, also reported strong performances, each surpassing $200 billion in monthly trading volume.
The rally extended to futures markets as well, with Bitcoin futures reaching $2.59 trillion in total trading volume and Ethereum futures achieving $1.28 trillion—both marking their highest levels in over two years.
The increase was largely influenced by the reelection of pro-crypto Republican Donald Trump as U.S. President on November 6.
Additionally, November was a landmark month for Bitcoin exchange-traded funds (ETFs) in the United States, with investors contributing $6.4 billion into spot BTC ETFs.
The influx of funds coincided with a month-long rally that saw Bitcoin’s price surge by 45%, reaching an all-time high of $99,000.
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