Binance, the largest crypto exchange in the world pulled in a record $24 billion from its 250 million global user base according to data from Defilama.
Binance announced the milestone in a blog post confirming that the inflow recorded by Binance is larger than that of 10 exchanges.
Binance attributed the feat to growing global adoption of digital assets, Regulatory victories, Price milestones, and Spot Bitcoin ETF launched in the United States, Hong Kong, and other large markets this year.
“These developments have driven millions of users to Binance, increasing its global user base to almost 250 million people”, Binance stated in a report.
Defilama data revealed the yearly metrics for other Binance competitors in descending order.
Bybit came second place with $8.2 billion and OKX, third at $5.3 billion. Defilama does not aggregate data for the likes of Coinbase and Gemini so it’s hard to know their figures.
Fourth, Fifth, and Sixth went to BitMEX, Robinhood, and HTX with proof-of-reserves showing $3.45 billion, $3.165 billion, and $2.12 billion respectively.
On a lifetime scale, Binance became the first exchange to surpass 100 trillion transaction volume according to Data from CC Data.
OKX trails Binance with a lifetime transaction volume of 25 trillion USDT.
Centralized Exchanges continue to lead
Despite Analyst predictions of a shift toward decentralized exchanges (DEXs) following the FTX collapse in November 2022, centralized exchanges (CEXs) continue to lead the world of exchanges in terms of trading volumes.
Over the past 24 hours, CEXs accounted for $276 billion in trading volume compared to $28.5 billion for DEXs, based on CoinGecko data.
Binance CEO Richard Teng said last week that it’s premature to discuss whether the world’s largest cryptocurrency exchange might re-establish operations in the United States following the election of a pro-crypto president.
Speaking to Bloomberg TV, Teng clarified that Binance’s current focus remains on its global expansion, with a focus on targeting institutions, sovereign wealth funds, and high-net-worth individuals projected to get involved with cryptocurrency.
Binance exited the US market in November 2023 as part of a $4.3 billion settlement with US authorities over sanctions violations and money laundering that saw its former CEO spend 4 months in jail.
What to Know
- Binance remains the largest crypto exchange by trading volume and number of users despite regulatory hurdles in several countries.
- Binance has faced regulatory challenges in the US, India, Brazil and Nigeria. Despite that, the Binance team is still focused on expanding into new countries and growing its user base.
