Binance users have saved $1.75 billion in remittance costs by using crypto transfers between 2022 and 2024, according to Binance CEO Richard Teng. Remittances are typically made by migrants sending money to family members in their home countries, but traditional remittance services can be costly, with fees averaging 6.65% for international transactions. Binance Pay, which offers instant transfers without additional fees, allows users to send crypto remittances. Binance data shows significant user engagement in crypto remittances, with over $4 billion sent by more than half a million female users in 2024. Teng expressed optimism about the growth of crypto remittances as more users recognize the efficiency of digital assets. The ability to save on fees and send funds instantly serves as a financial lifeline for many in lower-income regions, enhancing financial inclusion worldwide.



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