Binance Deposits Soar in 2024. How Far Are Other Exchanges Lagging?

The largest cryptocurrency platform raised more than $20 billion from customers in one year.

Cryptocurrency exchange Binance has restored a dominant position in the cryptocurrency market. It attracted deposits of $21.6 billion in 2024, 36 per cent higher than the combined $15.9 billion growth in deposits of the other top 10 cryptocurrency exchanges, as reported by Binance citing data from DefiLlama.

In second place is Bybit with $7.2 billion, while in third place is OKX with $3.75 billion. Robinhood's customers deposited $2.8 billion, while HTX (formerly Huobi) users $1.4 billion.

In 2024, positive changes in regulation, historic records in pricing and the approval of ETFs (exchange-traded funds) on Bitcoin have bolstered investor confidence in cryptocurrencies, attracting millions of customers to Binance, the report said. According to the platform, the number of its users reached nearly 250 million.

The average bitcoin deposit on cryptocurrency exchanges increased from 0.36 BTC to 1.65 BTC, while USDT deposits grew from 19,600 to 230,000 tokens, according to CryptoQuant. The exchange pointed out that, in their report, analysts named Binance as an industry leader in fund inflows from institutional clients.

Binance also points out that it has become the first centralised cryptocurrency exchange to surpass $100 trillion in trading volume. According to CoinGecko, as of 13 December, the daily trading volume on the platform is $31.7 billion.

The cryptocurrency exchange also reported that its Binance Launchpool, a sandbox that allows users to receive airdrops of new tokens, has contributed to the growth in inflows. According to the report, the majority of the funds from Launchpool remain on the platform.

The Largest Cryptocurrency Platform Has Raised Over $20 Billion In A Single Year

In an extraordinary achievement, the largest crypto platform has raised over $20 billion from its customers in a single year. This milestone not only highlights the platform's dominance in the digital asset sector, but also signals a significant shift in the financial landscape. With the increasing adoption of cryptocurrencies and blockchain technologies, the platform has managed to attract the attention of both experienced investors and new users.

The platform's growth can be attributed to several key factors, including an intuitive interface, a secure trading environment and a wide range of innovative services. With advanced features such as high liquidity, staking options and robust security measures, it continues to attract millions of users worldwide. The $20 billion inflow further reinforces its position as a leader in the evolving crypto market.

With cryptocurrency adoption on the rise, platforms like this one are setting the pace for the future of the industry. The 20 billion raised not only reflects a strong level of user confidence, but also positions the platform for even greater growth in the years to come. With a rapidly evolving crypto market, this achievement demonstrates the continued potential for growth and investment in the digital finance sector.