Binance Users Saved $1.75 Billion in Remittance Costs Since 2022
At Davos, Binance CEO Richard Teng reported that users saved $1.75 billion in remittance costs from 2022 to 2024, attributed to $26 billion in instant user-to-user crypto remittances.
- The global remittance market is projected to reach $913 billion this year.
- Low-value remittances can incur costs of 15-20%, according to the IMF.
- Binance users sent an average of $470 in international crypto remittances last year, favoring Binance over traditional platforms.
- The World Bank notes the average cost of international fiat remittances is 6.65%. Savings of $1.75 billion were achieved using Binance Pay for fee-free transfers.
Teng emphasized the importance of low-cost fund transfers for economically disadvantaged individuals and noted that while $26 billion is small compared to global volumes, it is expected to grow with increased crypto adoption.
Benefits of Crypto Remittances
Users highlighted the speed of execution as a key advantage. An Algerian user shared how a crypto remittance funded emergency treatment for a friend’s child, illustrating the life-saving potential of such transfers.
- Binance data indicates over half a million female users contributed more than $4 billion in domestic and international crypto remittances last year.
- This trend underscores cryptocurrency's role in financial inclusion and empowerment globally.