Binance, the world's leading cryptocurrency exchange, reached the $24 billion mark in user deposits in 2024. This surge has been highlighted amidst increasing adoption of digital assets and evolving regulatory frameworks.
User Deposit Growth
According to DefiLlama, the platform saw an extraordinary influx of $24.213 billion since the start of the year. This places it far ahead of its competitors, such as Bybit and OKX, which recorded deposits of $8.2 billion and $5.3 billion, respectively. Binance attributes its growth to the global adoption of digital assets, bolstered by the introduction of spot Bitcoin ETFs in major markets like the U.S. and Hong Kong.
Impact of Institutional Investments
Institutional investments have significantly contributed to Binance’s expansion. CryptoQuant reports that average Bitcoin deposits on the platform increased from 0.36 BTC to 1.65 BTC in 2024, while Tether deposits soared from $19,600 to $230,000. Binance has become the first centralized exchange to surpass $100 trillion in lifetime trading volume.
Market Trends and Outlook
Despite expectations of a shift to decentralized exchanges after the FTX collapse in 2022, centralized exchanges continue to dominate trading volumes. CoinGecko recorded $276 billion in trades on 218 centralized exchanges in the last 24 hours compared to just $28.5 billion on decentralized exchanges.
Binance continues to solidify its position in the global market, despite vague prospects of re-entering the U.S. sphere. Meanwhile, the exchange extends its global footprint by launching new joint ventures such as Binance Thailand.
