Binance records 24B dollars in user fund deposits in 2024

According to data from DefiLlama, cryptocurrency exchange Binance has received over $24 billion in customer deposit inflows so far in 2024.

In the report released on December 12, Binance stated, "These developments have driven millions of users to Binance, increasing its global user base to almost 250 million people."

Binance reaches 250 million registered users

Binance said in a blog post that its inflows exceeded the combined inflows of ten other exchanges, attributing this development to a global upsurge in the use of digital assets.

The company identified the introduction of spot Bitcoin exchange-traded funds in important markets, including the US and Hong Kong; regulatory triumphs; and historic price milestones as main drivers of this expansion.

"2024 has been a landmark year for the crypto industry, and we are incredibly grateful to our nearly 250 million users, who continue to trust Binance as their chosen platform for trading," said Richard Teng, CEO of Binance, in response to the company's milestone.

Cryptocurrency exchanges inflows and outflows

According to DefiLlama data, Bybit and OKX have the next-highest exchanges by inflows, at $8.2 billion and $5.3 billion, respectively. The list, however, excludes information for websites such as Coinbase and Gemini.

The next greatest net inflows among cryptocurrency exchanges have been recorded by BitMEX, Robinhood, and HTX; according to DefiLlama data, their respective proof-of-reserves are $3.45 billion, $3.165 billion, and $2.12 billion.

In the meantime, there have been outflows of $2.75 billion, $1.77 billion, and $358.1 million from Bitstamp, Bitfinex, and Crypto.com, respectively.

The average Bitcoin deposit increased from 0.36 Bitcoin to 1.65 Bitcoin in 2024, while USDT deposits skyrocketed from $19,600 to $230,000, according to a December 3 analysis from CryptoQuant, indicating that Binance and other cryptocurrency exchanges have also drawn a lot more institutional capital.

Citing CCData, Binance stated that it has become the first centralized exchange (CEX) to sell more than $100 trillion worth of transaction volume.

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