Binance 2024 Inflows Are Nearly 40% Higher Than 10 Closest Competitors

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As a researcher who has been tracking the crypto market for quite some time now, I must say that Binance’s 2024 journey is nothing short of impressive. The fact that their inflows are almost 40% higher than their top 10 competitors combined speaks volumes about their dominance in the field.

In a market environment characterized by chaos, Binance, the global leader among cryptocurrency exchanges, experienced inflows of funds for the year 2024 that were nearly 40% greater than the combined total of the next ten largest competitors. The company has consistently held advantages and expanded its various revenue streams in this dynamic market.

Binance CEO Richard Teng shared the insights with BeInCrypto.

Binance’s 2024 Journey

As a researcher delving into the realm of cryptocurrencies, I’ve come across an intriguing piece of information. A report, which I’ve been privy to, indicates that Binance, a prominent player in the crypto exchange market, is currently leading in terms of inflows by a substantial margin. More specifically, data from DeFiLlama shows that Binance’s projected crypto asset inflows for 2024 are approximately 40% higher than the combined inflows of its top 10 competitors.

Reflecting on the events of 2024, I must admit that Binance’s recent progress is nothing short of remarkable, given the turbulent circumstances it faced. The departure of CZ Zhao, who served his prison sentence for money laundering charges this year and is now permanently barred from holding a CEO position, marked a significant shift in the platform’s leadership. In response, Binance has shown a more active commitment to regulatory compliance, which is a positive sign for its future.

Binance, too, has profited from the approval of ETFs and the subsequent surge of funds into the cryptocurrency market. In an interview, CEO Richard Teng stated that institutional and corporate investments have grown by more than 40% this year. Although Binance does not have a direct tie to the ETF market, it has still experienced substantial benefits as a result.

Additionally, the company has delved into innovative sources of income within the crypto sector. For instance, Binance Research scrutinized the surge of meme coins in 2024 and aimed to profit from this trend. Consequently, a series of well-known meme coin listings followed suit, several of which experienced significant growth.

Furthermore, Binance indicates that more than 80% of the meme coins available on their platform saw significant increases in value following their listing, by November 11th.

Despite the introduction of a new meme-based coin, Binance’s primary business operations remain unaffected. In terms of Bitcoin transactions, Binance continues to outperform all other exchanges. The company is preserving its existing advantages and the newly appointed CEO, Richard Teng, is eager for traditional growth in the future.

2024 marks a significant milestone for the crypto sector, and we are deeply appreciative of our ever-growing user base, now numbering 244 million and still climbing, for their ongoing faith in Binance as their preferred trading platform. Their steadfast backing and trust inspire us to push boundaries and deliver top-tier services within the realm of digital currencies, as Teng shared with BeInCrypto.

As a crypto investor, I’ve noticed that even though I’ve been optimistic about the company, it seems we’re still encountering some hurdles. This week, Binance was banned in Cambodia, which is a setback for Teng’s efforts to prioritize regulatory compliance. On top of that, the Indian government has claimed that Binance owes approximately $85 million in unpaid taxes, another challenge we need to keep an eye on.

Both of these instances suggest its legal troubles aren’t over.

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2024-12-05 11:40