Since 2022, Binance has allowed users to save 1.75 billion dollars in remittance costs, thanks to 26 billion dollars in direct and instant crypto transactions, demonstrating the potential of cryptocurrencies for global financial inclusion.
Let’s see all the details in this article.
Over 500,000 women leading financial inclusion with Binance
During the World Economic Forum in Davos, the CEO of Binance, Richard Teng, announced that the users of the platform have collectively saved 1.75 billion dollars in remittance costs from 2022 to 2024.
This result was made possible thanks to 26 billion dollars in direct, rapid, and no additional cost crypto transactions through Binance Pay.
International remittances represent a crucial pillar for the global economy, with an estimated value of 913 billion dollars in 2025.
They are a fundamental resource for millions of migrant workers who support their families, contributing to reduce poverty and inequalities. However, high fees represent a significant obstacle.
According to the International Monetary Fund, transfer costs for small amounts can reach 15-20%. In comparison, Binance offers an extremely convenient alternative, with instant transfers and fees close to zero.
In 2024, the average amount of international remittances between Binance users was 470 dollars. According to World Bank data, the average fee for traditional remittances is 6.65%.
This means that Binance users have been able to save billions by opting for cryptocurrencies instead of traditional financial channels.
Financial inclusion and female empowerment
Binance is emerging as a catalyst for global financial inclusion. In 2024, over 500,000 female users sent more than 4 billion dollars in crypto remittances.
Demonstrating therefore how blockchain technology can offer economic opportunities even to communities often excluded from traditional financial services.
Richard Teng highlighted the transformative role of cryptocurrencies:
“Since Binance was born, our mission has been to increase global financial freedom. Cryptocurrencies can significantly improve people’s lives by breaking down economic barriers and offering financial tools to disadvantaged communities. International remittances, in particular, represent a key use case that perfectly aligns this vision with reality.”
Teng also highlighted how crypto transactions offer a quick 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. Imed, an Algerian user of Binance, shared how a crypto remittance saved the life of a friend’s son in France, allowing for the payment of an emergency medical treatment:
“Thanks to Binance Pay, I understood the difference between using cryptocurrencies and local fiat currencies. The almost non-existent costs of crypto are not limited to money: they include lives saved and critical situations resolved.”
Also, Diogo Mury, a Brazilian user, used Binance Pay to distribute relief funds to the victims of the floods in Rio Grande do Sul.
Crypto 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 crypto remittances
Despite the 26 billion dollars in crypto transactions still representing a small fraction compared to global remittance volumes, Binance sees a enormous growth potential.
With the adoption of cryptocurrencies on the rise, more and more people might discover how to overcome the inefficiencies of the traditional financial system through innovative technologies.
Crypto remittances are redefining the way money is transferred globally. In addition to cost savings, the immediacy and accessibility of these tools are changing lives, offering tangible solutions in emergency and everyday contexts.
Binance continues to position itself as a leader in this sector, pushing for a more equitable and connected future.
