Binance has cemented its place because the main crypto trade by reporting buyer deposits totaling $21.6 billion in 2024, in keeping with a Dec. 12 report.
This achievement locations Binance considerably forward of its competitors, with knowledge from DeFi Llama revealing that the trade’s deposits surpass the mixed complete of the following ten largest exchanges tracked by 36%. Rivals—together with OKX, Bitfinex, Robinhood, and Bybit—collectively reported $15.9 billion in deposits for a similar interval.
Binance attributed its dominance to initiatives just like the Binance Launchpool, which has been instrumental in attracting and retaining funds on the platform. Broader market tendencies, together with a surge in Bitcoin and Tether’s USDT deposits, have additionally fueled the trade’s progress.
Knowledge from CryptoQuant reveals that the common Bitcoin deposit on exchanges climbed by 358% to 1.65 BTC in 2024 from 0.36 BTC in 2023. Equally, common USDT deposits noticed a rare 1,073% rise from $19,600 to $230,000.
This 12 months, Binance achieved one other vital milestone because it turned the primary centralized crypto trade to surpass $100 trillion in lifetime buying and selling quantity.
Key components to Binance’s progress
The platform attributed its spectacular numbers to its means to draw institutional buyers, boosted by developments just like the approval of Bitcoin ETFs. These ETFs have offered institutional gamers simplified entry to crypto markets, driving increased inflows.
The trade’s progress has paralleled an increase in international digital asset adoption. Developments in regulatory frameworks, new Bitcoin ETF approvals, and record-breaking value actions have spurred institutional and retail participation.
In consequence, Binance has benefited from this momentum, increasing its international consumer base to almost 250 million. In November, the platform reported 240 million customers, indicating the addition of round 10 million new customers in only one month.
Commenting on these numbers, Binance CEO Richard Teng described 2024 as a landmark 12 months for the crypto sector.
He expressed gratitude for the belief positioned in Binance by its increasing consumer group whereas emphasizing the platform’s function in driving innovation and shaping the way forward for crypto buying and selling and funding.
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