According to data from DeFiLama, a leading DeFi data aggregator, Binance emerged as the global leader among centralized cryptocurrency exchanges, recording $23 billion in customer deposits between January 1 and December 12, 2024. This figure far exceeds the combined deposits of the next five exchanges, highlighting Binance’s dominance in the blockchain industry.
Binance Leads, ByBit Follows
| Exchange | Deposits in 2024 ($) |
|---|---|
| Binance | 23 billion |
| ByBit | 8.13 billion |
| OKX | 5.36 billion |
| Bitmex | 3.44 billion |
| Robinhood | 2.31 billion |
Binance’s staggering deposits are nearly triple those of ByBit, the second-ranked exchange, which recorded $8.13 billion.
Regulatory Challenges Across Key Markets
Despite its market dominance, Binance continues to face significant regulatory hurdles globally:
- United States: Fined $4.3 billion for violating anti-money laundering laws.
- Nigeria: Faced charges of money laundering and tax evasion, resulting in the detention of employees. Binance was also accused of manipulating the naira-to-dollar exchange rate, allegedly contributing to the depreciation of Nigeria’s currency.
In response to claims by Central Bank of Nigeria (CBN) Governor Yemi Cardoso that Binance generated $26 billion from Nigeria, Binance CEO Richard Teng refuted the allegations, asserting that Nigeria has never been a major market for the company.
Key Markets: China and South Korea
Binance’s top market remains China, contributing:
- $80.6 billion in futures volume
- $9.4 billion in spot market volume
South Korea follows as another significant market, accounting for:
- $56.9 billion in futures volume
- $1.39 billion in spot market volume
Together, these markets underscore Binance’s extensive reach and stronghold in the global crypto landscape.
Cryptocurrency Interest Surges
Binance reported a rise in the average deposit sizes across exchanges:
- BTC deposits: Increased from 0.36 BTC to 1.65 BTC.
- USDT deposits: Jumped from $19.6k to $230k.
This surge reflects growing interest in cryptocurrencies among both individuals and corporations. However, Binance and other exchanges face challenges as regulatory frameworks lag behind the rapid adoption of cryptocurrencies, posing potential risks to their operations.
Binance’s unmatched $23 billion in deposits reinforces its position as the leading cryptocurrency exchange, but its dominance comes amid mounting regulatory scrutiny worldwide. As interest in crypto grows, exchanges like Binance must navigate complex regulatory landscapes to sustain their growth and credibility in the global market.
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