Binance, the long-time largest crypto exchange in the world, says it is currently on track to generate almost 40% higher inflows than the total of the next 10 crypto exchanges combined.
Binance also claims to be the first centralized exchange to surpass $100 trillion in lifetime volumes, according to CCData.
Binance lost its foothold in the US (and a few other markets) due to transgressions deemed by the US Securities and Exchange Commission, but this apparently has not dimmed its trading outside the US.
Binance reports that it has accounted for USD $21.6 billion in inflows in 2024 to date, while the next ten exchanges total USD 15.9 billion, or 36% more than competitors. Binance points to data gleaned from DeFi Llama. Binance owns Coinmarketcap, which tracks crypto trading by exchanges, and it has historically led the pack in different metrics.
Binance said 2024 inflows have been “supported by heightened global optimism over digital assets, fueled by major regulatory wins, growing adoption, and historical price milestones.”
Of course, this includes the election of President-Elect Donald Trump, a supporter of digital assets, even if the exchange does not make the claim.
Binance reports that its global user base grew to 244 million people. The company also points to another driver of inflows, which could be the Binance Launchpool program this year.
The introduction of Bitcoin ETFs has also helped.
Richard Teng, Binace CEO states:
“2024 has been a landmark year for the crypto industry, and we are incredibly grateful to our 244 million users, and counting, who continued to trust Binance as their chosen platform for trading. Their unwavering support and confidence drives us to innovate and provide the best possible experience in the world of digital assets.”