- Binance has recorded $21.6 billion in user fund deposits in 2024, far outpacing the next ten exchanges combined
- Bitcoin ETFs approved in key markets have driven institutional adoption, contributing to record-breaking inflows and user growth for Binance
- Binance has surpassed $100 trillion in lifetime trading volumes, cementing its position as the leading cryptocurrency exchange
Binance has recorded $21.6 billion in user fund inflows this year and has boasted a global user base nearing 250 million. Binance noted that Bitcoin ETFs and growing institutional interest have been key drivers of this growth, solidifying Binances role as the world’s biggest crypto exchange. The company has continued this impressive growth in the wake of a concerted effort to become more compliant in various jurisdictions.
Record-Breaking Growth
Binance’s $21.6 billion in user fund deposits in 2024 represents a nearly 40% lead over the next ten exchanges combined, according to DefiLlama. This growth aligns with an industry-wide surge in optimism in the crypto sector as a whole, bolstered by major regulatory wins and the introduction of Bitcoin ETFs across the United States, Brazil, Hong Kong, and Australia.
Binance CEO Richard Teng expanded on this in a press release:
2024 has been a landmark year for the crypto industry, and we are incredibly grateful to our almost 250 million users who continue to trust Binance as their chosen platform for trading.
The Bitcoin ETF Effect
One of the year’s most transformative events has been the approval of Bitcoin ETFs, which have simplified institutional access to cryptocurrency investments. Net inflows into Bitcoin ETFs have outpaced gold ETFs within just a year, marking a paradigm shift in asset allocation strategies.
As a result, institutional participation in crypto has soared, with Binance leading the way. A report from CryptoQuant reveals that the average Bitcoin deposit on exchanges grew from 0.36 BTC in 2023 to 1.65 BTC in 2024. USDT deposits saw a similar spike, reflecting the growing confidence of professional and corporate investors. “Binance has led the industry in institutional growth,” noted CryptoQuant, adding that the exchange recorded the largest increase in average Bitcoin deposits among major platforms.
