Since 2022, Binance Allow users to save $1.75 billion in remittance costs, thanks to $26 billion in direct and instant cryptocurrency transactions, demonstrating the potential of cryptocurrencies in global financial inclusion.
Let’s see all the details in this article.
Over 500,000 women driving financial inclusion with Binance
During the World Economic Forum in Davos, Binance CEO said, Richard Teng, Announce And platform users collectively saved $1.75 billion in remittance costs from 2022 to 2024.
This result was made possible by 26 billion dollars In direct, fast and no additional cost crypto transactions through Binance Pay.
International remittances represent a fundamental pillar of the global economy, with an estimated value of approximately $913 billion in 2025.
It is an essential resource for millions of migrant workers who support and contribute to their families Reducing poverty and inequality. However, high fees are a major hurdle.
According to the International Monetary Fund, the costs of transferring small amounts may reach 15% to 20%. In comparison, Binance offers a very convenient alternative, with Instant transfers and fees are close to zero.
In 2024, the average international transfer amount among Binance users reached $470. According to World Bank data, the average traditional remittance fee is 6.65%.
This means that Binance users were able to save billions by choosing cryptocurrencies instead of traditional financial channels.
Financial inclusion and women’s empowerment
Binance is emerging as a catalyst for global financial inclusion. In 2024, more than 500,000 users sent more than $4 billion in encrypted money transfers.
Thus illustrating how blockchain technology can offer Economic opportunities Even for communities often excluded from traditional financial services.
Richard Teng highlighted the transformative role of cryptocurrencies:
“Since the birth of Binance, our mission has been to increase global financial freedom. Cryptocurrencies can dramatically improve people’s lives by breaking down economic barriers and bringing financial tools to underserved communities. International remittances, in particular, represent a key use case that closely aligns this vision.” Perfect with reality.
Teng also highlighted how cryptocurrency transactions are offered Fast and economical solution For those who need to send money thousands of kilometers away, often in emergency situations.
The value of cryptocurrencies goes beyond simple economic savings. imdan Algerian Binance user, shared how cryptocurrency transfers saved the life of a friend’s son in France, allowing him to pay for emergency medical treatment:
“Thanks to Binance Pay, I understand the difference between using cryptocurrencies and local fiat currencies. The almost non-existent costs of cryptocurrencies are not limited to money: they include saving lives and resolving critical situations.
also, Diogo MoriA Brazilian user used Binance Pay to distribute relief funds to flood victims in Rio Grande do Sul.
Cryptocurrency transactions have made it possible to purchase essential goods such as food, water, medicine and fuel without having to wait days for traditional bank transfers.
A promising future for encrypted money transfers
Although the $26 billion in cryptocurrency transactions still represents a small fraction compared to global transfer volumes, Binance sees… Huge growth potential.
As adoption of cryptocurrencies increases, more and more people may discover how to overcome the inefficiencies of the traditional financial system through innovative technologies.
Cryptocurrency transfers are redefining the way money is transferred globally. In addition to cost savings, the speed and accessibility of these tools are changing people’s lives, offering tangible solutions in emergency contexts and everyday life.
Binance continues to position itself as a leader in this sector, pushing towards a more equitable and interconnected future.
