The CEO of Binance, Richard Teng, spoke at the World Economic Forum in Davos about how cryptocurrency, particularly through Binance Pay, is revolutionizing global remittances. Traditional remittance channels are known for their high fees, often reaching 15-20%. However, Binance, with its fee-free and instant crypto remittance service, has saved users $1.75 billion in fees since 2022. Binance facilitated $26 billion in user-to-user crypto transfers between 2022 and 2024, helping to democratize financial access by eliminating transaction fees. The presentation also highlighted how cryptocurrency empowers underrepresented communities and improves financial inclusion. Teng expressed confidence in the growth of crypto adoption as more people recognize the inefficiencies of traditional banking systems. Binance Pay, with its borderless design, seamless transactions, and partnership with thousands of merchants, is a cornerstone of Binance's vision to foster financial accessibility through blockchain technology.



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