Binance CEO says users deposited over $21b to the exchange in 2024

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As a seasoned researcher who has closely followed the cryptocurrency market over the past decade, I must say that Richard Teng’s announcement of Binance‘s $21.6 billion user fund deposits in 2024 is nothing short of astounding. This figure represents a significant leap forward for the exchange and underscores the growing interest in cryptocurrencies among both professional and corporate investors.

2024 saw an influx of user funds into Binance, with a staggering $21.6 billion deposited on the crypto exchange, as Bitcoin and Tether deposits skyrocketed across various platforms due to increased interest in digital currencies. (Richard Teng, CEO of Binance announced)

On December 12th, in a recent post, Binance CEO Richard Teng announced that their crypto exchange had received deposits totaling approximately $21.6 billion in value from users in 2024. This figure represents a nearly 40% increase compared to the combined deposits made on ten leading crypto exchanges.

In a recent post, Teng noted that Binance had an astonishing $21.6 billion in deposits from users in the year 2024!

Additionally, he pointed out that the typical deposits for Bitcoin (BTC) and Tether (USDT) have experienced substantial growth throughout the year on all platforms. This, in his opinion, suggests an increasing level of interest among institutional and corporate investors.

2024 stands out as a significant milestone for the cryptocurrency sector, and we extend our heartfelt appreciation to our ever-growing user base, now numbering nearly 250 million, who consistently choose Binance as their preferred trading platform, according to Teng’s statement from Binance.

2024 marked a significant milestone for Binance as they recorded an astounding $21.6 billion in user funds deposited!

· The average Bitcoin deposits increased substantially, climbing from 0.36 BTC to a notable 1.65 BTC.
· Deposits of USDT also saw a dramatic rise, going from $19.6K to an impressive $230K, demonstrating the growing enthusiasm among professional and corporate investors.

— Richard Teng (@_RichardTeng) December 12, 2024

Based on DeFi Llama’s CEX transparency rankings for 2024, a staggering $21.6 billion was deposited into Binance by users. This is significantly more than the combined total of $15.9 billion deposited into the other top 10 exchanges such as OKX, Bitfinex, Robinhood, and Bybit, with Binance’s inflows being approximately 36% greater.

In a recent blog post, Binance announced that Binance Launchpool played a significant role in attracting funds this year, with the majority of these funds continuing to reside on their platform.

In 2024, CryptoQuant’s recent report showed that the average Bitcoin deposit on exchanges saw a substantial rise, jumping by 358% from 0.36 BTC in 2023 to 1.65 BTC in 2024. Furthermore, USDT deposits also experienced a considerable increase, rising by 1,073% from $19,600 to $230,000 over the course of the year.

The report further finds that Binance was responsible for the greatest rise in typical Bitcoin deposit amounts across prominent cryptocurrency platforms.

Furthermore, Binance marked a significant milestone as it turned out to be the first major cryptocurrency exchange to surpass $100 trillion in total trading volume since its inception, as reported by CCData.

According to an earlier report from crypto.news, Richard Teng mentioned that the cryptocurrency exchange does not intend to re-enter the U.S market anytime soon, considering it as a premature topic for discussion. Instead, he emphasized that the exchange is concentrating on expanding its presence worldwide, given the increasing acceptance of cryptocurrencies in numerous countries.

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2024-12-12 15:27