Binance CEO Richard Teng announced that the crypto exchange saw a total of $21.6 billion in user fund deposits throughout 2024 alone, following a surge in Bitcoin and Tether deposit value across all exchanges.
In a recent X post on Dec. 12, CEO of Binance Richard Teng said that the crypto exchange recorded user fund deposits amounting to $21.6 billion in value across 2024, which is nearly 40% higher than the combined inflows of 10 other major exchanges.
“In 2024, Binance recorded an incredible $21.6 billion in user fund deposits!” said Teng in his post, .
He also added that average deposits for both Bitcoin (BTC) and Tether (USDT) surged significantly this year across all exchanges, signifying what he considers to be a “rising interest from professional and corporate investors.”
“2024 has been a landmark year for the crypto industry, and we are incredibly grateful to our almost 250 million users, and counting, who continue to trust Binance as their chosen platform for trading,” said Teng in a Binance statement.
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
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According to data from DeFi Llama’s CEX transparency ranks, users deposited a total of $21.6 billion fund to Binance in 2024. Compared to the other 10 major exchanges on the list, Binance’s inflows were 36% higher than the $15.9 billion combined inflows of the other 10 crypto exchanges, which included OKX, Bitfinex, Robinhood, and Bybit among others.
Binance stated in its blog post that their platform, Binance Launchpool, contributed a large share of this year’s inflows with most of the funds remaining on the platform.
Meanwhile, data from CryptoQuant’s latest report found that the average Bitcoin deposit on exchanges increased significantly in 2024, rising 358% from 0.36 BTC in 2023 to 1.65 BTC in 2024. Not only that, USDT deposits also followed suit with a 1,073% increase from $19,600 to $230,000 in the span of a year.
The report also concludes that Binance contributed the largest increase in average Bitcoin deposits among major exchanges.
Additionally, Binance also became the first centralized crypto exchange to achieve more than $100 trillion in lifetime trading volumes, according to CCData.
As previously reported by crypto.news, Richard Teng stated that the crypto exchange has no plans of making a return to the U.S market in the near future, calling it a “premature discussion.” Instead, he said that the exchange is focusing on “global deployment” as crypto adoption across various countries continues to grow.
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