This advancement positions Binance as a key player in the mass adoption of cryptocurrencies and building a more accessible financial system for all.
In Davos, Richard Teng, Binance CEOrevealed that Binance users have saved up to $1.75 billion in remittance costs, in the $26 billion in crypto remittances user-to-user snapshots, which have been sent between 2022 and 2024.
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Remittances are an important part of the global economy, and are estimated to grow to $913 billion this year. It is a powerful tool for economic migrants to provide for their families, reducing poverty and inequality. However, they are often expensive.


According to data from International Monetary Fund (IMF)fees for low value remittances can be between 15 and 20%. In 2024, the average amount of international user-to-user crypto remittances on Binance was $470, suggesting that users of that exchange may have saved even more on fees charged by traditional financial channels.
According to data from World Bank, The average cost of an international fiat remittance is 6.65%, meaning that Binance users who send crypto remittances to other Binance users instead of fiat remittances may have saved around $1.75 billion with instant, commission-free crypto remittances through Binance Pay.
Binance data also shows that more than half a million female users were responsible for more than $4 billion in domestic and international crypto remittances to other users in 2024, further demonstrating the potential of cryptocurrencies as a tool for inclusion and empowerment. financial on a global scale.
Teng’s words in Davos
Teng commented: “Since Binance was founded, its vision has been to increase the freedom of money globally. We truly believe that cryptocurrencies can significantly improve lives around the world by leveling the playing field and providing financial tools and opportunities to disadvantaged communities on a global scale.
He added: “Remittances are an important use case for cryptocurrencies that directly serves our mission. International remittances are traditionally very expensive, but cryptocurrencies offer a new way to send funds home for migrant workers at an incredibly low cost.” low, or even zero, without having to wait days for the funds to arrive.
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“The value of low-cost fund transfers can be easily overlooked by people in wealthier economies, but can be a vital lifeline for economically disadvantaged individuals who need ways to make their income go further, while supporting their families.” thousands of kilometers away. Although $26 billion is still relatively small compared to global remittance volumes, we see this continuing to grow alongside cryptocurrency adoption as people begin to see how the inefficiencies of traditional finance can be addressed by cryptocurrencies,” he warned.
“Binance users have discovered that crypto remittances are not only a benefit in terms of cost savings, but thanks to their speed they can make a huge difference in emergency situations,” he concluded.
Source: Ambito

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