Investing.com -- Binance, the global cryptocurrency exchange, has announced that its users have saved approximately $1.75 billion in remittance fees by using its platform for user-to-user crypto remittances.

From 2022 to 2024, Binance facilitated $26 billion in these transactions, highlighting the cost-effectiveness of cryptocurrency for international money transfers.

Remittances play a significant role in the global economy, with projections suggesting a growth to $913 billion this year. Traditional remittance methods often come with high fees, sometimes reaching 15-20%, according to the International Monetary Fund.

In contrast, Binance's data indicates that the average crypto remittance amount on their platform was $470 in 2024, with users potentially saving even more on fees compared to conventional financial channels.

The World Bank's data shows that the average cost for international fiat remittances stands at 6.65%. Binance's fee-free and instant crypto remittances through Binance Pay have offered users a more economical alternative.

Furthermore, Binance's records reveal that over half a million female users were behind more than $4 billion in domestic and international crypto remittances in 2024 alone, showcasing cryptocurrency's role in promoting financial inclusion and empowerment.

Richard Teng, CEO of Binance, stated that the company's goal has always been to enhance global monetary freedom. He emphasized that cryptocurrency could provide financial tools and opportunities to communities that are otherwise at a disadvantage.

Teng pointed out that while $26 billion represents a small fraction of the total volume of global remittances, the adoption of cryptocurrency is expected to grow as more people recognize its ability to address the inefficiencies of traditional finance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.