Binance CEO Richard Teng has announced that the leading cryptocurrency exchange recorded a staggering $21.6 billion in user fund deposits throughout 2024, driven by a sharp rise in Bitcoin (BTC) and Tether (USDT) inflows across the industry.
In a statement shared via X on December 12, Teng revealed that Binance’s deposit volume for the year was nearly 40% higher than the combined inflows of 10 other major exchanges, including OKX, Bitfinex, Robinhood, and Bybit.
“In 2024, Binance recorded an incredible $21.6 billion in user fund deposits,” Teng stated. He attributed the surge to increasing interest from professional and corporate investors, with average deposit sizes for Bitcoin and Tether significantly exceeding those of previous years.
Data from DeFi Llama highlights Binance’s dominance, reporting that its $21.6 billion inflows were 36% higher than the $15.9 billion collectively deposited across the ten other leading exchanges. Binance’s Launchpool initiative was noted as a key driver, with most funds staying within the platform.
CryptoQuant’s latest report also shed light on the industry-wide trends, revealing that the average Bitcoin deposit on exchanges soared by 358% in 2024, rising from 0.36 BTC in 2023 to 1.65 BTC this year. Similarly, USDT deposits saw a dramatic 1,073% increase, climbing from $19,600 to $230,000 within the same period. Binance led the growth in average Bitcoin deposits, cementing its position as the top-performing exchange. Teng described 2024 as a “landmark year” for the crypto industry, expressing gratitude to Binance’s nearly 250 million users for their continued trust in the platform.
Despite these achievements, Teng clarified during a December 9 interview with Bloomberg TV that Binance has no immediate plans to re-enter the U.S. market. He emphasized that the exchange is focused on its “global deployment” strategy and is not considering a return to the U.S., even as a crypto-friendly administration under President-elect Donald Trump is set to take office.
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