tl;dr
Binance facilitated $26 billion in crypto remittances between 2022 and 2024, saving users $1.75 billion in fees. Binance CEO Richard Teng announced this at the World Economic Forum, highlighting the impact of Binance Pay in revolutionizing global remittances. Despite being a fraction of global remit...
Binance, the largest crypto exchange, announced that its users transferred $26 billion in peer-to-peer remittances between 2022 and 2024, saving $1.75 billion in fees. Binance CEO Richard Teng shared this milestone at the World Economic Forum, underscoring the impact of Binance Pay in revolutionizing global remittances.
Despite being a fraction of global remittance flows, the figure is growing as more people turn to crypto, drawn by its efficiency in addressing traditional finance's inefficiencies. Traditional remittance methods often entail high fees and delays, with fees for smaller amounts reaching 15% to 20%. In contrast, Binance's average crypto remittance in 2024 was $470, delivering significant savings.
Over 500,000 women accounted for more than $4 billion in remittance transactions on the platform, illustrating the role of crypto in financial inclusion and gender empowerment. Teng emphasized the significance of fee-free transfers for low-income individuals relying on remittances to support their families.
With global remittance volumes projected at around $913 billion in 2024, Binance's fee-free approach has been a game-changer, eliminating significant costs and offering substantial savings for users. It provides an efficient and affordable way for migrant workers to send money home without delays or excessive fees.
Fee-free transfers may seem insignificant in wealthier regions, but they are vital for low-income individuals. Teng stressed that crypto remittances offer a new way to send funds home for migrant workers at incredibly low, or even no, cost without lengthy waits for the funds to arrive.