Binance has transformed the field of remittance, saving users almost $1.75 billion in fee payments since 2022, according to CEO Richard Teng. Speaking at the World Economic Forum, Teng highlighted Binance’s role in facilitating $26 billion in peer-to-peer cryptocurrency transfers over the past two years.facilitation.
Remittance is crucial to the global economy, with estimates suggesting a value of $913 billion in 2024. Traditional remittance channels often come with prohibitively high fees, ranging from 15 to 20%, as reported by the International Monetary Fund. In contrast, Binance’s platform, Binance Pay, enables feeless transfers, significantly benefiting users.
In 2024, the average value of international transfers via Binance was approximately $470. This cost-effectiveness particularly aids those living on small sums of money, with cryptocurrencies providing a quick and affordable alternative for cross-border payments.
Binance’s impact extends beyond financial savings. Over 500,000 female users conducted remittance transactions worth over $4 billion in 2024, demonstrating cryptocurrencies’ role in financial inclusion and empowerment. Teng emphasised the potential of cryptocurrencies to create financial freedom and access for disenfranchised communities globally.
Binance continues to develop new solutions, aiming to make financial tools more accessible and efficient. The growing use of cryptocurrencies, coupled with Binance’s commitment to innovation, promises to further revolutionise the remittance landscape.