Binance CEO Reports Over $21B in User Deposits to the Exchange in 2024

Binance CEO Richard Teng revealed that the cryptocurrency exchange saw an impressive $21.6 billion in user fund deposits throughout 2024. This figure marks a significant increase, with Binance’s inflows nearly 40% higher than the combined total of 10 other major exchanges.

Teng made this announcement on December 12 via a post on X, highlighting that the surge in Bitcoin and Tether (USDT) deposits reflects a growing interest from professional and corporate investors. He pointed out that the total deposits for 2024 have been a remarkable achievement, underscoring the rising confidence in Binance as a preferred platform for trading.

According to data from DeFi Llama’s CEX transparency rankings, Binance’s $21.6 billion in deposits is 36% higher than the combined total of $15.9 billion deposited across other major exchanges, including OKX, Bitfinex, Robinhood, and Bybit. This surge in deposits is attributed to several factors, including Binance Launchpool, which played a significant role in driving the inflow, with much of the funds remaining within the platform.

In addition to the platform’s high deposit volume, Binance also saw substantial increases in Bitcoin and USDT deposits across exchanges in 2024. Data from CryptoQuant reported that the average Bitcoin deposit on exchanges rose by 358%, from 0.36 BTC in 2023 to 1.65 BTC in 2024. Similarly, the average USDT deposit saw a 1,073% increase, rising from $19,600 to $230,000 year-over-year. Binance was found to have contributed the largest share of this increase in average Bitcoin deposits among all major exchanges.

Furthermore, Binance reached another significant milestone in 2024 by becoming the first centralized crypto exchange to surpass $100 trillion in lifetime trading volumes, according to CCData.

Despite these achievements, Binance continues to face regulatory challenges, especially in the U.S. Richard Teng has previously stated that the exchange has no immediate plans to return to the U.S. market, labeling such discussions as “premature.” Instead, Binance is focusing its efforts on expanding globally, as the adoption of cryptocurrency grows worldwide.

This growth in deposits, alongside Binance’s efforts to improve user experience and continue its global expansion, underscores the platform’s dominance and resilience in the crypto industry.