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

Binance CEO Richard Teng announced that after the increase in Bitcoin and Tether deposit value across all exchanges, a total of $21.6 billion in user fund deposits were seen on the crypto exchange alone during 2024.

Binance CEO Richard Teng said in a recent

“In 2024, Binance recorded an incredible $21.6 billion in user fund deposits!” Teng said in his post:

He also added that average deposits for both Bitcoin (BTC) and Tether (USDT) have increased significantly across all exchanges this year, indicating “increased interest from professional and institutional investors.”

“2024 has been a landmark year for the crypto industry, and we are incredibly grateful to our nearly 250 million users who continue to trust Binance as their platform of choice for trading,” Teng said in the Binance statement.

in 2024 #Binance An incredible $21.6 billion was recorded in user fund deposits!

· Average Bitcoin deposit increased from 0.36 BTC to 1.65 BTC.
· USDT deposits increased from $19.6 thousand to $230 thousand, reflecting increasing interest from professional and institutional investors.

— Richard Teng (@_RichardTeng) December 12, 2024

According to data from DeFi Llama’s CEX transparency ranking, users deposited a total of $21.6 billion in funds to Binance in 2024. Compared to the other 10 major exchanges on the list, Binance’s inflows were 36% higher than the other 10’s total inflows of $15.9 billion. Crypto exchanges including OKX, Bitfinex, Robinhood and Bybit.

Binance stated in its blog post that their platform, Binance Launchpool, accounted for a large share of this year’s inflows, with most of the funds remaining on the platform.

Meanwhile, data from CryptoQuant’s latest report revealed that the average Bitcoin deposit on exchanges increased significantly in 2024, rising from 0.36 BTC in 2023 to 1.65 BTC in 2024, a 358% increase. Not only that, USDT deposits followed suit, rising 1,073% from $19,600. within a year it rose to $230,000.

The report also concludes that Binance contributed to the largest increase in average Bitcoin deposits among major exchanges.

Additionally, Binance became the first centralized crypto exchange to surpass $100 trillion in lifetime trading volume, according to CCData.

As previously reported by Crypto.news, Richard Teng stated that the crypto exchange has no plans to make a return to the US market in the near future, calling it an “early discussion.” Instead, he said the exchange is focusing on “global distribution” as crypto adoption continues to grow in various countries.