Investing.com — Global crypto exchange Binance announced that its users have saved approximately $1.75 billion in transfer fees by using its user-to-user crypto transfer platform.
From 2022 to 2024, Binance facilitated $26 billion in these transactions, highlighting the cost-effectiveness of cryptocurrencies in international remittances.
Remittances play an important role in the global economy, with some forecasts predicting they will grow to $913 billion this year. According to the International Monetary Fund, traditional money transfer methods often come with high fees, which can reach 15-20% in some cases.
In contrast, Binance data shows that the average value of crypto transfers on its platform will be $470 in 2024, giving users the potential to save even more on fees compared to traditional financial channels.
According to World Bank data, the average cost of international fiat money transfers is 6.65%. Binance’s fee-free instant crypto transfers through Binance Pay have provided users with a more economical alternative.
Furthermore, Binance's records reveal that in 2024 alone, more than 500,000 female users made more than $4 billion in crypto remittances domestically and internationally, demonstrating the importance of cryptocurrencies in promoting financial inclusion and empowerment. It shows the role of
Binance CEO Richard Teng said the company's goal has always been to increase global financial freedom. He emphasized that cryptocurrencies have the potential to provide financial tools and opportunities to otherwise disadvantaged communities.
Teng said that while $26 billion is only a fraction of total global remittances, adoption of cryptocurrencies will continue to grow as more people realize the ability of cryptocurrencies to address the inefficiencies of traditional finance. He pointed out that it is expected to expand.
This article was generated with the help of AI and reviewed by an editor. Please see our Terms of Use for more information.
