EddieJayonCrypto
12 Dec 24
Binance has reported customer deposits of $21.6 billion in 2024, surpassing its competitors' combined total by 36%. The platform attributes its dominance to initiatives like Binance Launchpool and market trends such as a surge in Bitcoin and USDT deposits. Binance also became the first centralized c...
Binance has emerged as the dominant crypto exchange in 2024, reporting customer deposits totaling $21.6 billion, surpassing its competitors' combined total by 36%. This achievement solidifies Binance's position as the leading exchange, with a user base of nearly 250 million.
Binance credits its growth to initiatives like the Binance Launchpool and market trends such as the surge in Bitcoin and USDT deposits. The average Bitcoin deposit on exchanges climbed by 358% to 1.65 BTC in 2024 from 0.36 BTC in 2023, while USDT deposits saw a 1,073% rise from $19,600 to $230,000.
The platform attributes its impressive numbers to its ability to attract institutional investors, driven by developments such as the approval of Bitcoin ETFs. These ETFs have provided institutional players simplified access to crypto markets, leading to higher inflows. The rise in global digital asset adoption has also contributed to Binance's remarkable growth, with the platform adding around 10 million new users in just one month.
CEO Richard Teng described 2024 as a landmark year for the crypto sector and emphasized Binance's role in driving innovation and shaping the future of crypto trading and investment.