Binance Leads with $21.6 Billion in Deposits in 2024, Outpacing Top 10 Exchanges Combined

Binance has solidified its position as the world’s leading cryptocurrency exchange, boasting $21.6 billion in customer deposits for 2024.

The figure surpasses the combined inflows of the next 10 largest exchanges, according to Binance’s December 12 report.

The exchange attributed its growth to increasing global adoption of digital assets, driven by regulatory progress, record-breaking cryptocurrency prices, and the approval of spot Bitcoin ETFs in key markets like the U.S. and Hong Kong.

Binance User Base Reaches 250 Million

Binance revealed its user base has surged to nearly 250 million globally, a major milestone in its expansion.

Data from DefiLlama places Bybit as the second-largest recipient of customer deposits, with $8.2 billion, followed by OKX with $5.3 billion.

BitMEX, Robinhood, and HTX round out the top positions with $3.45 billion, $3.165 billion, and $2.12 billion, respectively.

However, exchanges like Bitstamp, Bitfinex, and Crypto.com experienced net outflows of $2.75 billion, $1.77 billion, and $358.1 million.

Institutional interest in centralized exchanges (CEXs) is also on the rise.

CryptoQuant’s December 3 report shows the average Bitcoin deposit at Binance increased from 0.36 BTC to 1.65 BTC in 2024.

Meanwhile, average Tether (USDT) deposits saw a significant jump from $19,600 to $230,000.

Binance became the first centralized exchange to surpass $100 trillion in lifetime trading volume, according to CCData.

OKX ranks second, trailing with $25 trillion. Despite predictions of a shift toward decentralized exchanges (DEXs) following FTX’s 2022 collapse, CEXs still dominate.

“In 2024, we are witnessing a new dawn," #Binance CEO @_RichardTeng told @CNBCi, highlighting increased institutional adoption from traditional markets.

This shift in momentum will be a key 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 reveals that CEXs facilitated $276 billion in 24-hour trading volume, dwarfing the $28.5 billion recorded by DEXs.

Just recently, stablecoin provider Circle and Binance announced a partnership aimed at expanding the adoption of the dollar-backed stablecoin USDC and digital asset adoption.

However, in negative news, Cambodia has blocked access to 16 cryptocurrency exchange websites, including major platforms like Binance, Coinbase, and OKX, as part of its ongoing effort to regulate the digital asset market.

Crypto Spot Trading Volume Surges to $2.71 Trillion in November

November saw a resurgence in cryptocurrency trading, with monthly spot trading volumes soaring to $2.71 trillion—the highest level since May 2021.

The figure represents a more than twofold increase from October’s $1.14 trillion, with Binance dominating the market, processing $986 billion and accounting for 36% of the total volume.

Other major exchanges, including Crypto.com, Upbit, and Bybit, also reported impressive performances, each exceeding $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 hitting $1.28 trillion—both marking their highest levels in over two years.

The surge was largely driven by the reelection of pro-crypto Republican Donald Trump as U.S. President on November 6.

Furthermore, November was a historic month for Bitcoin exchange-traded funds (ETFs) in the United States, with investors pouring $6.4 billion into spot BTC ETFs.

The surge in inflows coincided with a month-long rally that saw Bitcoin’s price soar by 45%, reaching an all-time high of $99,000.