Cryptocurrency exchange Binance has recorded over $24 billion in user deposits so far in 2024, according to data from DefiLlama. This figure surpasses the combined inflows of 10 other leading exchanges, cementing Binance’s position as a dominant force in the digital asset market.
In a blog post on December 12, Binance attributed this remarkable growth to a global rise in digital asset adoption. Factors such as regulatory advancements, historic price milestones, and the introduction of spot Bitcoin exchange-traded funds (ETFs) in major markets like the United States and Hong Kong were highlighted as key contributors.
“These milestones have attracted millions of new users to Binance, expanding our global user base to nearly 250 million people,” the company stated.
DefiLlama’s data indicates that Bybit ranks second in inflows with $8.2 billion, followed by OKX at $5.3 billion. Other notable exchanges include BitMEX, Robinhood, and HTX, which have net inflows of $3.45 billion, $3.165 billion, and $2.12 billion, respectively. However, platforms like Coinbase and Gemini were excluded from the list due to their lack of wallet transparency through proof-of-reserves, according to DefiLlama.
In contrast, several exchanges have experienced significant outflows. Bitstamp has recorded $2.75 billion in outflows, Bitfinex $1.77 billion, and Crypto.com $358.1 million.
Institutional investors have also been a significant driver of Binance’s growth. According to a December 3 report from CryptoQuant, the average Bitcoin (BTC) deposit at Binance increased from 0.36 BTC to 1.65 BTC in 2024, while USDt (Tether) deposits surged from $19,600 to $230,000.
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Binance has further distinguished itself by becoming the first centralized exchange (CEX) to surpass $100 trillion in lifetime trading volume, as noted by CCData. OKX follows with a lifetime volume of $25 trillion, based on data from September 2023.
Despite ongoing predictions of a shift toward decentralized exchanges (DEXs) after the collapse of FTX in November 2022, centralized exchanges continue to dominate trading activity. Over the last 24 hours, CoinGecko reports $276 billion in trading volume across 218 CEXs compared to $28.5 billion on DEXs.
Binance’s consistent inflows, expanding user base, and industry milestones underscore its leading role in the evolving cryptocurrency landscape.