Binance has surpassed $100 trillion in lifetime trading volume, recording $21.6 billion in user deposits in 2024—more than the next ten exchanges combined. Amidst market turmoil and security concerns, Binance has emerged as a trusted safe haven for traders, handling significant inflows post a major hack on a peer exchange. Their growing market share and user confidence highlight Binance’s resilience in all market conditions.
In a landmark achievement, Binance has reported a staggering $100 trillion in lifetime trading volume, becoming the first cryptocurrency platform to surpass this monumental figure. Notably, in 2024 alone, Binance recorded user deposits reaching $21.6 billion—more than the combined deposits of the next ten exchanges. This rapid growth really highlights Binance’s dominance especially as the cryptocurrency market grapples with downturns and security issues.
So, what does this all mean? Through turbulent times in the crypto world, Binance has emerged as a reliable haven for traders. With its impressive numbers, user deposits saw bitcoin (BTC) average rising from 0.36 to 1.65 BTC. The average deposit in USDT saw an even larger jump from $19,600 to a whopping $230,000—a clear indication of investor confidence.
Looking deeper, during the first quarter of 2025, Binance’s spot market share solidified further, with its BTC share shooting up from 33% to 49%. Altcoins too saw Binance’s share increase from 38% to 44%. Comprehensive data from TokenInsight reveals that the total market share of Binance now stands at an impressive 45%.
A striking event that undoubtedly influenced this surge occurred when another peer exchange suffered a massive hack worth $1.4 billion in February 2025. In the ensuing panic, users flocked to Binance, leading to net inflows of $3.97 billion within just a week. This figure represents a tenfold increase compared to the nine other major exchanges combined—truly indicative of the trust Binance has built among users.
The current state of the market isn’t all rosy, as trading volumes across the sector have taken a significant hit. Bitcoin trading volumes dropped from $44 billion to $10 billion, with altcoins falling from $122 billion to $23 billion in the same time frame. However, Binance’s ability to capture a larger share during these high-volatility periods has been remarkable, consistently processing more trades than all its competitors combined.
Binance isn’t just resting on its laurels; it has taken proactive measures to ensure user safety and confidence. In 2024 alone, the exchange thwarted $4.2 billion in potential fraud losses and maintains a SAFU fund (Secure Asset Fund for Users) valued at $1 billion to provide an emergency buffer. As of April 2025, Binance boasts over 270 million users, with institutional accounts surging by 97% last year—indicating an increasing acceptance among large financial players.
In a bold move, MGX has invested $2 billion into Binance, particularly focused on crypto initiatives. The overarching narrative here is that whether faced with bull markets or major downturns, Binance continues to shine brightly as a cornerstone in the crypto landscape. As the industry evolves, this ‘flight to quality’ seems increasingly to have one clear destination: Binance.
