Binance user deposits increased to $21.6bn in 2024 — Report

Binance, the world’s largest cryptocurrency exchange, recorded a significant increase in user fund deposits in 2024, reaching $21.6bn.

The digital currency platform made the disclosure in a blog post on Thursday, citing data from DefiLlama, a prominent firm that provides analytics and data related to decentralised finance.

This figure marks a 36 per cent increase compared to the combined total of $15.9bn recorded by the next 10 crypto exchanges.

“Binance recorded $21.6bn in user fund deposits in 2024—nearly 40 per cent higher than the $15.9bn combined inflows of the next 10 exchanges in the ranks,” the blog post read.

The exchange said the surge in deposits is attributed to growing interest in digital assets, particularly from institutional and corporate investors.

Binance’s average Bitcoin deposit across exchanges rose from 0.36 BTC in 2023 to 1.65 BTC in 2024, while USDT deposits surged from $19.6k to $230k.

“Binance’s growth aligns with a surge in global adoption of digital assets. Major regulatory wins, historical price milestones, and the approval of Bitcoin ETFs in markets such as the United States, Brazil, Hong Kong, and Australia have bolstered institutional and retail confidence. These developments have driven millions of users to Binance, increasing its global user base to almost 250 million people,” it stated.

Binance CEO Richard Teng commented on the company’s milestone, stating, “2024 has been a landmark year for the crypto industry, and we are incredibly grateful to our nearly 250 million users, who continue to trust Binance as their chosen platform for trading.”

Teng also highlighted several factors contributing to the platform’s success, including major regulatory wins, the approval of Bitcoin exchange-traded funds, and the increasing global adoption of cryptocurrencies.

“The introduction of Bitcoin ETFs has played a crucial role in institutional growth,” Teng added.

“Binance’s continued innovation and transparency, along with user-first initiatives, signal a new era for digital assets,” Teng stated.

Recall that Binance made a significant strategic shift earlier this year, announcing that it would discontinue its naira services in Nigeria.

The platform also suspended peer-to-peer NGN trading pairs on February 28, 2024.

This move follows growing concerns about Binance’s role in the naira’s decline, particularly through its P2P platform, which critics argue has contributed to the devaluation of Nigeria’s currency.