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 remittances, according to a Jan. 21 statement shared with CryptoSlate.
Binance CEO Richard Teng unveiled the milestone at the World Economic Forum in Davos, highlighting how Binance Pay, the platform’s free crypto transfer feature, has revolutionized global remittances.
He emphasized that while $26 billion represents a fraction of global financial flows, this figure is growing as more people adopt crypto as a solution to the inefficiencies of traditional finance.
According to Teng:
“While $26 billion is still relatively small compared to global remittance volumes, we see this continuing to grow alongside cryptocurrency adoption as people begin to realize the ways in which the inefficiencies of traditional finance can be addressed by crypto. ”
Global remittance volumes are expected to reach around $913 billion by 2024. While remittances remain an essential source of financial support for families around the world, traditional transfer methods often entail high costs and long delays.
Reports International Monetary Fund (IMF) publications show that fees for smaller remittances can be 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 transfer on the platform was $470, providing users with significant savings.
The platform’s data also showed that more than 500,000 women were responsible for more than $4 billion in domestic and international remittance transactions, demonstrating how crypto is advancing financial inclusion and gender empowerment globally.
Teng stressed that while free transfers may seem insignificant in wealthier regions, they are vital for low-income earners who rely on every dollar to support families in remote areas. For migrant workers, crypto remittances provide an efficient and affordable way to send money home without delays or excessive fees.
He added:
“Remittances are an important use case for crypto that directly serves our mission. International money transfers are traditionally very expensive, but crypto offers a new way to send money home for migrant workers at incredibly low or even no fees, without having to wait days for the money to arrive.”
