Binance, the world's largest cryptocurrency exchange, has reported $21.6 billion in user fund inflows for 2024. This figure is nearly 40% more than the combined total of the next ten largest exchanges. Binance emphasized its continued dominance in the digital asset market in a recent blog post.
According to the blog post, Binance's user fund inflows have reached USD 21.6 billion in 2024, which is significantly higher than the combined total of USD 15.9 billion from the next ten largest exchanges. This growth is attributed to a global user base of 244 million people, driven by optimism over digital assets, regulatory wins, and historical price milestones.
Institutional activity has also increased, with average Bitcoin deposits across exchanges rising from 0.36 BTC in 2023 to 1.65 BTC in 2024, and USDT (Tether) deposits increasing tenfold. Binance has led this institutional shift by recording the largest increase in Bitcoin deposits among major exchanges, further solidifying its leadership position.
Furthermore, Binance became the first centralized crypto exchange to surpass $100 trillion in lifetime trading volume, highlighting its dominance in the market.