Binance, the world’s largest cryptocurrency alternate, has seen consumer deposits surge previous $24 billion in 2024. In accordance with data from DefiLlama, the alternate has seen $24.213 billion in fund deposits for the reason that begin of the 12 months.
The determine places Binance forward of its rivals, with Bybit and OKX trailing behind at $8.2 billion and $5.3 billion, respectively.
In a blog post, Binance attributed the inflow to the rising international adoption of digital belongings, supported by regulatory advances and the launch of spot Bitcoin ETFs in key markets such because the U.S. and Hong Kong.
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Binance Consumer Base Hits 250 Million
Within the weblog submit, Binance additionally revealed that the latest constructive developments have pushed the alternate’s consumer base to just about 250 million.
Whereas Binance leads in inflows, different platforms have seen blended outcomes.
DefiLlama’s information reveals that BitMEX, Robinhood, and HTX comply with with internet inflows of $3.45 billion, $3.165 billion, and $2.12 billion, respectively. In distinction, Bitstamp, Bitfinex, and Crypto.com skilled outflows of $2.75 billion, $1.77 billion, and $358.1 million.
Institutional capital has performed a significant function in Binance’s progress. The common Bitcoin deposit on the platform rose from 0.36 BTC to 1.65 BTC in 2024, whereas Tether deposits jumped from $19,600 to $230,000, in response to CryptoQuant’s December 3 report.
Binance’s dominance can be mirrored in its buying and selling quantity. It turned the primary centralized alternate (CEX) to surpass $100 trillion in lifetime buying and selling quantity, far outpacing OKX’s $25 trillion as of September 26, in response to CCData.
Regardless of predictions of a shift towards decentralized exchanges (DEXs) following the collapse of FTX in November 2022, CEXs proceed to command nearly all of crypto buying and selling quantity.
Over the previous 24 hours, CoinGecko’s information reveals that 218 CEXs facilitated $276 billion in trades, in comparison with simply $28.5 billion on DEXs.
“In 2024, we’re witnessing a brand new daybreak,” #Binance CEO @_RichardTeng instructed @CNBCi, highlighting elevated institutional adoption from conventional markets.
This shift in momentum might be a key theme at #BinanceBlockchainWeek in Dubai, on Oct 30-31.
Full agenda
… pic.twitter.com/jowlxn8FMI
— Binance VIP & Institutional (@BinanceVIP) October 16, 2024
As reported, Binance CEO Richard Teng has said that it is “too early” to debate the potential of the crypto alternate re-entering the U.S. market following its pressured exit in November 2023.
“Whether or not we re-enter the US market, I believe that’s a untimely dialogue,” Teng mentioned. The assertion got here regardless of the upcoming administration of President-elect Donald Trump, which is anticipated to be extra pro-crypto.
In the meantime, Binance has accelerated its international growth as of late. Earlier this 12 months, the platform launched Binance Thailand, a three way partnership in partnership with Gulf Innova, a subsidiary of Gulf Power Growth.
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Crypto Alternate Volumes Attain New Report in November
Notably, crypto alternate volumes surged to a three-year excessive in November, pushed by Donald Trump’s re-election at first of the month and rising optimism about potential crypto-friendly regulatory modifications.
Information from crypto market tracker New Hedge revealed that spot buying and selling volumes reached $2.9 trillion in November, marking the best stage since Might 2021.
Moreover, November was a historic month for Bitcoin exchange-traded funds (ETFs) in america, with traders pouring $6.4 billion into spot BTC ETFs.
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The submit Binance Sees Over $24B in User Deposits in 2024, DefiLlama Data Reveals appeared first on 99Bitcoins.