Binance Reports $21.6 Billion in User Deposits for 2024
Binance, the largest cryptocurrency exchange by market capitalization, recorded $21.6 billion in user deposits in 2024, reflecting its strong position and user trust in the crypto industry.
Despite regulatory challenges in the United States, Binance outperformed ten other major exchanges by 36%, equating to $15.9 billion in deposits.
A Landmark Year for Crypto
Binance described 2024 as a landmark year for the crypto industry, attributing growth to increased cryptocurrency acceptance and developments like Bitcoin spot ETFs launched in markets such as the United States, Hong Kong, Brazil, and Australia. The integration of crypto investment products into mainstream finance enhanced trust and attracted millions of users, bringing the total to 250 million registered users globally.
Richard Teng, Binance CEO, stated, “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.” Average Bitcoin deposits across exchanges rose from 0.36 BTC in 2023 to 1.65 BTC in 2024.
In 2024, #Binance recorded an incredible $21.6 billion in user fund deposits!
· Average Bitcoin deposits grew from 0.36 BTC to 1.65 BTC.
· USDT deposits surged from $19.6K to $230K, reflecting the rising interest from professional and corporate investors.— Richard Teng (@_RichardTeng) December 12, 2024
USDT deposits also saw significant growth, reaching $230,000 in 2024, up from $19,600 in 2023, driven by interest from professional and institutional investors.
Record-Breaking Achievements
In 2024, Binance became the first crypto exchange to exceed $100 trillion in lifetime trading volumes, with most funds remaining on the platform, indicating user confidence. This success is attributed to initiatives like the Binance Launchpool, which allows users to farm rewards in new tokens.
Challenges amid Success
Despite achievements, Binance faced significant challenges. Founder Changpeng Zhao (CZ) spent four months in a U.S. federal prison due to a settlement over fraud allegations, resulting in Binance paying over $4.3 billion in fines.
Additionally, Binance encountered regulatory issues globally, including the discontinuation of Peer-to-Peer (P2P) services in Nigeria due to local regulations. In February, Nigerian authorities arrested Nadeem Anjarwalla, Binance’s regional manager for Africa, and Tigran Gambaryan. Anjarwalla escaped custody, while Gambaryan remained detained until his release in October 2024 after multiple appeals.