Binance, the world’s largest cryptocurrency exchange, has reported over $21.6 billion in user fund deposits in the first 11 months of 2024, outpacing 10 other major exchanges combined, according to DefiLlama data.
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.
“2024 has been a landmark year for the crypto industry, and we are incredibly grateful to our almost 250 million users, and counting, who continue to trust Binance as their chosen platform for trading,” said Richard Teng, Binance CEO.
Data from DefiLlama shows the next-highest exchange by inflows is Bybit (+ $7.3 billion), and OKX (+ $3.8 billion). The list, however, does not include data for platforms like Coinbase and Gemini.
