Key Points

• Binance’s CEO, Richard Teng, revealed that Binance recorded $21.6 billion in user inflows in 2024.
• This year, Binance became the 1st crypto exchange to exceed $100 trillion in lifetime trading volumes.

Binance continues to reach one milestone after the other. Today, the exchange’s CEO, Richard Teng, announced that Binance recorded an incredible $21.6 billion in user fund deposits in 2024, higher by almost 40% compared to the next 10 crypto exchanges.

Binance 2024 Fund Inflows

In his X post, Teng also shared the full 2024 Binance user fund inflows report revealing that, in an optimistic crypto industry fueled by continued adoption of crypto and blockchain technology, the exchange’s user influxes have outpaced competitors by a staggering percentage.

The most important crypto exchange in the world recorded over $21.6 billion in user fund deposits this year, 36% more than the combined total of the next crypto exchanges which amounts to $15.9 billion.

The next 10 CEXs mentioned by Binance include OKX, Bitfinex, Robinhood, Bybit, Crypto.com, HTX, Kucoin, Bitstamp, Deribit, and Gate.io.

2024 – A Year Of Exceptional Growth for Binance and Crypto

The same report details that 2024 has been an amazing year for Binance and the entire crypto industry, amidst rising optimism that flooded the global ecosystem.

The crypto exchange’s growth is perfectly aligned with the global surge of digital assets adoption.

This tremendous success that pushed the industry higher has been triggered by multiple factors including the following:

• Major regulatory wins
• Historical price milestones for Bitcoin and other digital assets
• The approval of Bitcoin ETFs in markets in the US and abroad

The Bitcoin ETF Effect

The approval of Bitcoin ETFs in the US and other countries is one of 2024’s most significant milestones in the crypto industry.

The crypto products’ approval in January, opened the doors for institutional investors to gain exposure to digital assets, amassing over $34.5 billion in cumulative net flows since their debut.

In under a year, inflows in Bitcoin ETFs have surpassed those of gold ETFs, and reached $20 billion at a much faster pace, highlighting the crypto’s growing importance in the financial world.

The introduction of Bitcoin ETFs also triggered rallies in Bitcoin’s prices, sustained by huge institutional inflows in the crypto products as retail confidence continued rising as well.

This continued growth in the ecosystem mirrors the fact that crypto became more than an alternative asset class – it’s now an integral part of the global financial system.

The Growing Participation of Professional and Corporate Investors

The same blog post highlights that Binance’s leadership in the crypto industry translates into its ability to attract institutional investors.

Reports mention CryptoQuant’s data revealing that the average Bitcoin deposit on exchanges increased in 2024 to 1.65 BTC, seeing a notable growth from 0.36 BTC in 2023.

Also, average USDT deposits surged from $19,600 in 2023 to $230,000 in 2024, mirroring growing interest from professional and corporate investors, as highlighted by Teng via X.

CryptoQuant’s report highlights Binance as the leading platform on top of this institutional wave of surging interest in crypto.

The notes reveal that Binance became the leader amidst this institutional growth, posting the largest increase in average Bitcoin deposits among major exchanges.

Binance, 1st CEX to Surpass $100 Trillion in Lifetime Trading Volumes

The crypto exchange achieved another crucial milestone, becoming the first CEX to surpass $100 trillion in lifetime trading volumes, the blog post notes, citing CCData. This important achievement highlights Binance’s growth, liquidity, and user trust.

The rising user trust in the exchange is almost mirrored by over 246 million registered users on the platform.

The success of Binance Launchpool has also boosted the inflows into the exchange, allowing users to farm new token rewards. An important issue worth mentioning is that Binance noted that most funds remain on the platform, proving strong user confidence in its services.

Binance Enters a New Era

All these achievements, among others, reflect that Binance marks the beginning of a new era for the crypto industry.

As the ecosystem moves closer to mainstream adoption, Binance continues to lead, paving the path for others to follow in its footsteps, with hard work, dedication, innovation, transparency, orientation toward compliance and regulations, and a user-centric approach.

Richard Teng said that 2024 has been a landmark year for the entire crypto industry, and the exchange is grateful to its users and the community.

Apart from Teng, Binance’s founders, Changpeng Zhao, and his wife Yi He, among others, have helped push the exchange to the top of this successful wave that continues to pave the way for global crypto and blockchain adoption.