Odaily News On January 21, Binance CEO Richard Teng revealed at the Davos Forum that Binance users saved up to $1.75 billion in remittance fees through instant cryptocurrency remittances between 2022 and 2024, and the total amount of these remittances reached $26 billion.
In 2024, the average cryptocurrency remittance amount between international users on the Binance platform was US$470. In addition, according to Binance data, more than 500,000 female users participated in more than US$4 billion in domestic and international cryptocurrency remittances in 2024, further demonstrating the huge potential of cryptocurrency as a financial inclusion and empowerment tool worldwide.
Richard Teng, CEO of Binance, said: “Binance’s vision since its founding has been to advance the free flow of money around the world. We believe that cryptocurrencies can significantly improve the lives of the poor and vulnerable around the world by providing financial tools and opportunities. Remittances are an important use case for cryptocurrencies that directly serve our mission. Traditional international remittances are very expensive, and cryptocurrencies provide a low-cost or even no-cost way for migrant workers to quickly send money home without waiting.”