According to data from DeFiLama, a prominent DeFi data aggregator, Binance saw its customers deposit a staggering $23 billion into the crypto exchange between January 1, 2024, and December 12, 2024. This amount is the highest among all centralized exchanges worldwide during this period.
ByBit ranked second with deposits totaling $8.13 billion within the same timeframe. Following ByBit were OKX, Bitmex, and Robinhood, with deposits amounting to $5.36 billion, $3.44 billion, and $2.31 billion, respectively.
Remarkably, Binance’s deposits surpass the combined total of the next five leading exchanges, underscoring its dominance in the global blockchain industry. Despite its market dominance, Binance has faced significant regulatory challenges in various countries. In the United States, for instance, the company was fined $4.3 billion for violating anti-money laundering regulations.
In Nigeria, Binance has encountered issues with regulators and authorities, resulting in the detention of employees for several months. The company and its employees faced charges of money laundering and tax evasion. Additionally, Binance was accused of manipulating the naira-to-dollar exchange rate, which was blamed for the depreciation of the naira.
Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), claimed that Binance generated $26 billion from Nigeria. However, Binance CEO Richard Teng refuted this, stating that Nigeria has never been a major market for the company and that it did not earn $26 billion from the country.
Furthermore, the global deposit figure of $23 billion in a year indicates that Binance could not have generated more revenue from a single market than its total deposits. According to the Wall Street Journal, Binance’s top market is China, which accounts for 20% of its volume with 900,000 active users.
Detailed data reveals that China represents an $80.6 billion futures market and a $9.4 billion spot market for Binance. South Korea, another significant market for the company, contributes $56.9 billion in futures volume and $1.39 billion in spot volume.
Additionally, Binance reported that “the average BTC deposit across exchanges increased from 0.36 BTC to 1.65 BTC, while USDT deposits surged from $19.6k to $230k.” This increase indicates growing interest in cryptocurrencies from both individuals and corporations. However, while interest in cryptocurrencies is on the rise, regulatory frameworks have yet to catch up, which could pose significant challenges for exchanges globally.
