Binance enabled $26 billion in remittances via crypto over 2 years, saving users $1.75 billion
Binance reported that users transferred $26 billion in peer-to-peer remittances from 2022 to 2024, saving $1.75 billion in fees through Binance Pay, a fee-free crypto transfer feature. CEO Richard Teng noted this milestone at the World Economic Forum, emphasizing the growing adoption of crypto to address inefficiencies in traditional finance. Global remittance volumes are projected to reach $913 billion in 2024, with traditional methods often incurring high fees, averaging 6.65%. Binance's platform facilitated an average crypto remittance of $470 in 2024, significantly reducing costs. Over 500,000 women contributed to more than $4 billion in transactions, highlighting crypto's role in financial inclusion. Teng stated that fee-free transfers are crucial for low-income individuals and migrant workers, providing an efficient and affordable means to send money home.
