Global cryptocurrency exchange Binance has announced that its users have saved an estimated $1.75 billion in remittance fees by using its platform $BNB as its utility for sending crypto between users.
From 2022 to 2024, Binance facilitated $26 billion in these transactions, highlighting the cost-effectiveness of cryptocurrency for international remittances.
Remittances play a vital role in the global economy, with projections showing growth of up to $913 billion this year. Traditional remittance methods often incur high fees, sometimes as high as 15-20%, according to the International Monetary Fund.
In contrast, Binance data shows that the average crypto remittance amount on their platform was $470 in 2024, with users potentially saving even more on fees compared to conventional financial channels.
World Bank data shows that the average fee for international fiat remittances is 6.65%. Binance’s instant and fee-free crypto remittances through Binance Pay have offered users a more economical alternative.
Additionally, Binance’s records reveal that over half a million female users were behind over $4 billion in domestic and international crypto remittances in 2024 alone, demonstrating the role of cryptocurrencies in promoting financial inclusion and empowerment.
Richard Teng, Binance CEO, stated that the company’s goal is to advance global monetary freedom. He emphasized that cryptocurrencies can provide financial tools and opportunities to disadvantaged communities.
Teng pointed out that while $26 billion represents a small portion of the total global remittance volume, cryptocurrency adoption is expected to grow as more people realize its ability to overcome traditional financial inefficiencies.
