As a seasoned crypto investor with a decade-long journey in this exciting digital frontier, I can confidently attest that 2024 was indeed a watershed year for the crypto industry, and Binance stood tall as the undisputed titan amidst the turbulent seas. The impressive $21.6 billion in user deposits is not merely a statistic but a testament to Binance’s unwavering commitment to innovation, security, and user experience.
In simple terms, Binance, the world’s leading cryptocurrency exchange by market value, maintains its supremacy in the global crypto market with remarkable growth. In the year 2024, the company reported a significant inflow of $21.6 billion in user deposits, demonstrating its firm position within the industry and the faith it has earned from millions of users across the globe.
Even with a challenging regulatory landscape in the U.S., Binance managed to surpass ten leading cryptocurrency exchanges by an impressive 36% margin, translating to approximately $15.9 billion in deposits more than its competitors.
A Landmark Year for Crypto
As a crypto investor, I’m excitedly looking forward to 2024, a year that Binance predicts will be monumental for our industry. The rapid growth they’ve experienced is largely due to the expanding recognition of digital currencies globally. Key milestones include the debut of Bitcoin spot ETFs in significant markets like the U.S., Hong Kong, Brazil, and Australia. These developments not only validate the potential of cryptocurrencies but also promise a more inclusive, efficient, and accessible future for us all.
Binance stated that by incorporating cryptocurrency investment products like Bitcoin and Ethereum ETFs into traditional financial markets, it fostered trust within developing economies. The company asserts that this integration attracted millions of users to their platform, resulting in a user base of over 250 million individuals worldwide.
2024 marked a significant milestone in the crypto world, and we’re immensely thankful to our rapidly growing user base, now nearly 250 million strong, for choosing Binance as their preferred trading platform, according to Binance CEO, Richard Teng.
Users collectively boosted Binance’s position in the industry by significantly raising their Bitcoin deposits, with data showing an increase from approximately 0.36 BTC in 2023 to 1.65 BTC in 2024. According to a company announcement on Thursday, these are the key figures for Bitcoin:
In 2024, #Binance recorded an incredible $21.6 billion in user fund deposits!
The average amount of Bitcoin deposited increased significantly, moving from approximately 0.36 Bitcoins to 1.65 Bitcoins.
— Richard Teng (@_RichardTeng) December 12, 2024
Furthermore, it’s worth noting that other digital currencies, such as the stablecoin USDT, have experienced significant growth. Binance has reported a substantial increase in USDT deposits, with figures reaching approximately $230,000 this year compared to just $19,600 in 2023. This surge is primarily attributed to a heightened level of interest from professional and institutional investors.
Record-Breaking Achievements
In addition to setting new records with user deposits, Binance achieved multiple other notable achievements in 2024. For instance, it was the first cryptocurrency exchange to surpass $100 trillion in total trading volumes throughout its lifespan. As stated by the company, a large portion of these funds remains within the platform.
Binance notes that the majority of these investments stay within their platform, indicating a strong trust users have in Binance’s services,” the company explained.
Binance credits its achievements to a combination of key factors, such as pioneering programs like the Binance Launchpool, which empowers users to earn rewards by farming fresh tokens.
Challenges amid Success
Regardless of its successes, Binance encountered significant hurdles during the year. Its founder, Changpeng Zhao (CZ), spent four months in a U.S. federal prison as part of a settlement regarding fraud accusations. This incident led to Binance having to pay more than $4.3 billion in fines to settle legal disagreements.
In various parts of the world outside the U.S., Binance has faced regulatory obstacles. To illustrate, their Peer-to-Peer (P2P) services were halted in Nigeria because of local regulations.
In February, Nigerian officials apprehended Nadeem Anjarwalla, Binance’s regional manager in Africa, along with Tigran Gambaryan. However, Anjarwalla managed to break free from custody, while Gambaryan faced the full force of the authorities and was kept in detention until October 2024. It wasn’t until a series of appeals that he was eventually freed at that time.
In February, Nigerian authorities apprehended Nadeem Anjarwalla, who served as Binance’s regional manager for Africa, along with Tigran Gambaryan, another high-ranking official within the company. However, Anjarwalla managed to break free from custody, whereas Gambaryan stayed in detention until his release in October 2024, which occurred after numerous appeals had been made.
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2024-12-12 19:07