PK Press Club — Binance, the global cryptocurrency exchange, announced that its users saved approximately $1.75 billion in transfer fees by using its platform for user-to-user crypto fund transfers .
From 2022 to 2024, Binance facilitated $26 billion in these transactions, highlighting the profitability of cryptocurrencies for international money transfers.
Remittances play an important role in the global economy, with projections suggesting growth of $913 billion this year. Traditional money transfer methods often come with high fees, sometimes reaching 15 to 20 percent, according to the International Monetary Fund.
In contrast, Binance data indicates that the average amount of cryptocurrency transfers on their platform was $470 in 2024, with users potentially saving even more on fees compared to conventional financial channels.
World Bank data shows that the average cost of international remittances in fiat currency is 6.65%. Binance’s free and instant crypto fund transfers through Binance Pay have given users a more cost-effective alternative.
Additionally, Binance records reveal that more than half a million female users were responsible for over $4 billion in domestic and international crypto remittances in 2024 alone, demonstrating the role of cryptocurrency in promoting financial inclusion and empowerment.
Richard Teng, CEO of Binance, said the company’s goal has always been to strengthen global monetary freedom. He highlighted that cryptocurrency could provide financial tools and opportunities to communities that would otherwise be disadvantaged.
Teng pointed out that while $26 billion represents a small fraction of the total global remittance volume, cryptocurrency adoption is expected to grow as more people recognize its ability to address the inefficiencies of traditional finance.
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