Binance has recorded over $24 billion in user deposit inflows so far in 2024, surpassing all other cryptocurrency exchanges combined, according to data from DefiLlama. In a blog post on December 12, Binance attributed the significant growth to rising global adoption of digital assets, regulatory successes, record price milestones, and the launch of spot Bitcoin exchange-traded funds (ETFs) in key markets.
“These developments have driven millions of users to Binance, increasing its global user base to almost 250 million people,” the exchange stated.
DefiLlama data indicates that Bybit follows Binance with $8.2 billion in inflows, while OKX comes next with $5.3 billion. Other exchanges, such as BitMEX, Robinhood, and HTX, saw net inflows of $3.45 billion, $3.17 billion, and $2.12 billion, respectively. However, platforms like Bitstamp, Bitfinex, and Crypto.com experienced outflows, reporting respective losses of $2.75 billion, $1.77 billion, and $358.1 million.
Notably, Coinbase and Gemini were excluded from DefiLlama’s tracking due to their lack of wallet transparency through proof-of-reserves. Although publicly listed companies report assets, DefiLlama only tracks platforms offering clear wallet visibility.
Binance’s growth has also been fueled by increasing institutional capital. A recent report from CryptoQuant revealed that the average Bitcoin deposit on Binance has surged from 0.36 BTC to 1.65 BTC in 2024. Similarly, deposits of USDt (Tether) increased dramatically, rising from $19,600 to $230,000.
Binance further noted that it became the first centralized exchange (CEX) to surpass $100 trillion in lifetime trading volume, according to data from CCData. OKX ranks second, with a reported $25 trillion in lifetime trading volume as of September 26.
Centralized exchanges continue to dominate the crypto trading landscape, overshadowing decentralized exchanges (DEXs) despite predictions of a stronger shift toward DEXs following FTX’s collapse in November 2022. CoinGecko data shows that 218 centralized exchanges recorded $276 billion in trading volume in the past 24 hours, compared to just $28.5 billion across DEX platforms.