Binance Users Base Hits 246.5 Million
Binance received over $24 billion in user deposit inflows in 2024 as seen on DefiLlama. Digital asset prices have experienced a notable and long-lasting increase in the world’s biggest exchange by trading volume, which has surely contributed significantly to an uptick in the value of user assets.
Binance attributed its growth to a global upsurge in digital assets adoption, claiming in a blog post that its inflows exceeded those of ten other exchanges combined. The company listed the introduction of spot Bitcoin exchange-traded funds in major markets, regulatory successes, and historic price milestones as important motivators.
“These changes have brought millions of users to Binance, bringing its total number of users worldwide to nearly 250 million,” Binance stated in the report.
According to DefiLlama data, Bybit and OKX have the next-highest exchanges by inflows, at $8 and $2 billion and $5 and $3 billion, respectively. Data for websites like Coinbase and Gemini are not included in the list.
The next largest net inflows among cryptocurrency exchanges have been BitMEX, Robinhood, and HTX; according to DefiLlama data, their proof-of-reserves are $3.45 billion, $3.17 billion, and $2.12 billion, respectively.
Binance claims that because of a consistent increase in the price of digital assets, user assets under the exchange have more than doubled since the start of the year, greatly increasing the value of the assets in the exchange’s custody. “Anyone can use Binance’s proof-of-reserves (POR) system to confirm that we hold all user funds at a 1:1 ratio plus additional reserves.’ the company stated.
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