Data by DeFiLama, a DeFi data aggregator, has revealed that Binance customers deposited $23 billion in the crypto exchange between January 1 2024 and December 12 2024, the highest among any other centralised exchange worldwide.
ByBit had the second-highest deposit, with $8.13 billion, within the same period. This is followed by OKX, Bitmex, and Robinhood, with a total deposit of $5.36 billion, $3.44 billion, and $2.31 billion, respectively.
Interestingly, Binance's deposits are higher than that of the top five exchanges after it combined. This demonstrates the exchanges' dominance in the global blockchain industry.
However, this dominance has not stopped it from stiff regulatory oppression from different countries. In the US for example, the company was fined $4.3 billion for breaking breaking anti-money laundering laws.
In Nigeria, its issues with regulators and authorities have led to employees being detained for many months. Authorities charged both employees and the company with money-laundering and tax evasion.
Allegations of manipulating the naira to dollar exchange rate were also levelled against the company and it was subsequently blamed for the fall in naira value.
Governor of the Central Bank if Nigeria (CBN), Yemi Cardoso also said that the crypto company made $26 billion from Nigeria.
However, the CEO of Binance Richard Teng, clarified that Nigeria has never been a major market for the company and it did not make $26 billion from Nigeria.
In addition, Its global deposit of $23 billion in a year proves that the company could not have generated more than its total deposit as revenue from a single market.
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The company's top market according to Wall Street Journal is China, which allegedly makes up 20%of its volume with 900,000 active users.
Further details show that China is an $80.6 billion futures market and a $9.4 billion spot market for Binance, while South Korea, which is also the largest market for the company provides $56.9 billion in futures volume and $1.39 billion in spot volume.
Meanwhile, Binance also revealed that "the average BTC deposit across exchanges rose from 0.36 BTC to 1.65 BTC, while USDT deposits surged from $19.6k to $230k." it said this increase shows increasing interest in crypto from individuals to corporates.
But while interest in cryptocurrencies might be growing regulation is yet to catch up which could lead to a major setback for exchanges globally.
