Catenaa, Tuesday, January 28, 2025 – Binance users have collectively saved $1.75 billion in remittance fees over two years through $26 billion in cryptocurrency transfers, according to an announcement by Binance CEO Richard Teng at the World Economic Forum.
The platform’s Binance Pay service enables instant, fee-free crypto transfers, offering a cost-effective alternative to traditional remittance services. For comparison, the average international remittance in 2024 was $470, which would typically incur $31 in fees using conventional systems. Globally, remittance volumes are projected to reach $913 billion this year, with average fees hovering at 6.65%, according to the World Bank.
In addition to savings, Binance data highlights significant engagement in crypto remittances, including $4 billion in transactions by over half a million female users in 2024. Teng noted the platform’s ability to deliver critical funds quickly during emergencies, such as for medical treatments or disaster relief, further emphasizing crypto’s utility.
Despite crypto remittances making up a small portion of global volumes, Teng expressed optimism about the growing adoption of digital assets. “For many in lower-income regions, crypto serves as a financial lifeline, enabling instant transfers while cutting costs,” he stated.
As cryptocurrency gains traction as an alternative financial system, platforms like Binance are positioned to enhance financial inclusion and offer critical services to underserved populations.
