Binance tops 2024 with $24 billion in user deposits
Binance deposits surpass $24 Billion in 2024
According to DefiLlama, 2024 has been the most successful year for Binance, with users depositing over $24 billion on the cryptocurrency exchange.
This data aligns with the global adoption of cryptocurrencies and regulatory changes, including the launch of spot Bitcoin and Ethereum ETFs in the U.S. Earlier, Binance announced that its total user base had reached 250 million, driving a corresponding increase in deposits.
Second and third on the DefiLlama list are South Korean exchange Bybit, with user deposits totaling $8.2 billion this year, and platform OKX, at $5.3 billion. According to DefiLlama, Binance attracted more deposits than the next ten trading platforms combined.
Gaps in the ranking
However, the list omits major platforms such as Coinbase and Gemini. Analysts excluded these exchanges, claiming they lack "wallet transparency."
Even so, Binance's success is undeniable, especially as some exchanges reported significant user fund outflows. For instance, Bitstamp, Bitfinex, and Crypto.com reported withdrawals of $3.45 billion, $3.17 billion, and $2.12 billion, respectively.
Binance, a leading global cryptocurrency exchange, has revealed its strategic investment in a crypto travel platform. This move was made before the COVID-19 pandemic and the subsequent 'crypto winter', a period of market downturn.
