Binance Helped Its Users Save $1.75 Billion in Remittance Costs
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Binance Slashes Remittance Costs Binance CEO Richard Teng announced during a panel at Davos that the platform’s users saved an estimated $1.75 billion in remittance costs between 2022 and 2024 after $26 billion in crypto remittances were facilitated by Binance. While $26 billion in user-to-user crypto remittances is still only a fraction of the global remittance market, Teng is optimistic that this volume will continue to grow as people recognize how the headaches of traditional finance can be addressed by crypto. Global remittances are expected to grow to an estimated $913 billion in 2025, and are a lifeline for millions of families worldwide. However, traditional remittance channels very often impose high fees. In fact, the International Monetary Fund (IMF) noticed costs as steep as 15-20% for low-value transfers. In comparison, Binance Pay offers instant, fee-free transactions that dramatically reduces costs and financial strain for its users. According to The World Bank, the global average cost of sending fiat remittances is 6.65%. By switching to crypto-based remittances, Binance users collectively saved billions in fees that would otherwise be lost to financial intermediaries. The platform’s average international remittance amount in 2024 stood at $470, which proves just how economically accessible the platform is to people from all around the globe. Remittance price worldwide quarterly report (Source: The World Bank) The Real-Life Impact of Remittance Costs According to Teng “for migrant workers and families in need, the ability to stretch earnings further can make all the difference, turning crypto into a vital lifeline.” In other words, the power of crypto remittances extends far beyond cost savings. Algerian user Imed shared a compelling story of how Binance Pay made it possible for him to transfer funds instantly for life-saving medical treatment for a family friend in France. “The difference isn’t just monetary,” he explained.…
Filed under: News - @ January 22, 2025 12:21 pm