Binance, the largest crypto exchange by trading volume, said its users collectively transferred $26 billion in peer-to-peer remittances between 2022 and 2024 — saving $1.75 billion in remittance fees, according to a Jan. 21 statement shared with CryptoSlate.
Binance CEO Richard Teng revealed the milestone during the World Economic Forum in Davos, highlighting how Binance Pay, the platform’s fee-free crypto transfer feature, has revolutionized global remittances.
He emphasized that while $26 billion represents a fraction of global remittance flows, the figure is growing as more people adopt crypto as a solution to the inefficiencies of traditional finance.
According to Teng:
“Although $26 billion is still relatively small compared to global remittance volumes, we see this continuing to grow alongside crypto adoption as people begin to realise the ways the inefficiencies of traditional finance can be addressed by crypto.”
Global remittance volumes are projected around $913 billion in 2024. While remittances remain a vital source of financial support for families worldwide, traditional transfer methods often involve high fees and long delays.
Reports published by the International Monetary Fund (IMF) highlight that fees for smaller remittance amounts can soar to as high as 15% to 20%, while the World Bank notes an average global fee of 6.65% for cross-border fiat transfers.
Game changer
Binance’s approach has proven to be a game-changer by eliminating these significant costs. In 2024 alone, the average crypto remittance on the platform was $470, offering users substantial savings.
The platform’s data also revealed that over 500,000 women accounted for more than $4 billion in domestic and international remittance transactions, showcasing how crypto fosters financial inclusion and gender empowerment globally.
Teng emphasized that while fee-free transfers may seem insignificant in wealthier regions, they are vital for low-income individuals who depend on every dollar to support families in distant locations. For migrant workers, crypto remittances offer an efficient and affordable way to send money home without delays or exorbitant fees.
He added:
“Remittances are an important use case for crypto that directly serves our mission. International remittances are traditionally very expensive but crypto offers a new way to send funds home for migrant workers at incredibly low-, or even no-, cost without having to wait days for the funds to arrive.”
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