PakGazette – Binance, the global cryptocurrency exchange, has announced that its users have saved approximately $1.75 billion in remittance fees by using its platform for user-to-user crypto remittances.
From 2022 to 2024, Binance facilitated $26 billion in these transactions, highlighting the profitability of cryptocurrencies for international money transfers.
Remittances play an important role in the global economy, with projections suggesting growth of $913 billion this year. Traditional methods of sending remittances often carry high fees, sometimes reaching 15% to 20%, according to the International Monetary Fund.
By contrast, Binance data indicates that the average crypto remittance amount on its 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 cost of international fiat remittances is 6.65%. Binance’s instant, fee-free crypto remittances through Binance Pay have offered users a cheaper alternative.
Furthermore, Binance 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, CEO of Binance, said the company’s goal has always been to improve global monetary freedom. He emphasized that cryptocurrencies could provide financial tools and opportunities to otherwise disadvantaged communities.
Teng noted that while $26 billion represents a small fraction of the total global remittance volume, adoption of cryptocurrencies is expected to grow as more people recognize their ability to address the inefficiencies of traditional finance.
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