At the World Economic Forum in Davos on Tuesday, Binance CEO Richard Teng announced that between 2022 and 2024, the platform’s users saved $1.75 billion in remittance fees through its fee-free crypto service.
Binance processed $26 billion in crypto remittances during this period, showcasing cryptocurrency’s cost-saving potential for international transactions.
Global remittances are expected to reach $913 billion in 2025, serving as a lifeline for economic migrants supporting families overseas.
However, traditional remittance methods often come with high fees. The World Bank estimates average remittance fees at 6.65%, with the IMF noting that smaller transactions can incur fees as high as 15–20%.
In contrast to these high costs, Binance Pay provides fee-free crypto remittances, enabling substantial savings.
In 2024, Binance reported an average remittance value of $470, highlighting how users bypassed traditional banking fees and enjoyed quick transaction times.
Data shared by the exchange reports over 500,000 women users were responsible for $4 billion in domestic and international crypto transfers last year, emphasizing cryptocurrency’s role in financial inclusion.
Crypto’s Role for Underserved Communities
Richard Teng discussed the transformative impact of cryptocurrency, particularly for underserved communities.
“Crypto has the power to provide financial tools to individuals who need them most. Traditional international remittances can be prohibitively expensive, but crypto offers a fast and cost-effective alternative. For migrant workers, it’s a way to maximize their earnings and ensure their support reaches loved ones quickly,” Teng said.
Beyond cost efficiency, Teng highlighted crypto’s role in emergencies. Imed, a Binance user from Algeria, shared how crypto allowed him to fund life-saving medical treatment for a child in France without delay.
“The costs with fiat are not just monetary—they can be life-threatening. With crypto, I could act instantly,” said Teng.
Additionally, Teng shared how Diogo Mury from Brazil used Binance Pay to distribute emergency relief during the Rio Grande do Sul floods.
In such emergencies, cryptocurrency enabled swift distribution of funds for essential needs like food, water, and medicine.
While the $26 billion in crypto remittances handled by Binance is small compared to the global total, Teng expressed optimism that as awareness of crypto’s potential grows, its adoption for remittances could increase.
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