In two years (2022-2024), #Binance , the world's largest cryptocurrency exchange, has facilitated users in transferring more than 26 billion USD through peer-to-peer (P2P) transactions, saving up to 1.75 billion USD in transaction fees, according to an announcement on January 21, 2025.
Binance Pay – "Golden key" for fee-free transfers
Binance CEO, #RichardTeng , revealed this significant milestone at the World Economic Forum in Davos. Binance Pay, the platform’s fee-free cryptocurrency transfer feature, has opened up a new revolution in the global remittance field.
Although the figure of 26 billion USD is small compared to the total projected global remittance flow of 913 billion USD by 2024, Teng noted that the demand for using cryptocurrency to address the shortcomings of traditional finance is rapidly increasing.
Shortcomings of traditional remittances
International remittances are an important financial support for many families around the world. However, traditional methods often come with:
High transaction fees: Up to 15-20% for small transactions, according to the International Monetary Fund (IMF).
Long processing times: It can take several days to complete a transaction.
Global average fees: About 6.65% according to the World Bank.
ADA0.9984-0.01%
Crypto: A game-changing solution
Binance has demonstrated the superiority of cryptocurrency in reducing costs and transaction times. In 2024 alone, the average remittance through the platform reached 470 USD, significantly saving users.
Additionally, more than 500,000 women have used #BinancePay to conduct domestic and international money transfer transactions, with a total value of over 4 billion USD. This highlights the role of cryptocurrency in promoting financial inclusion and empowering women globally.
Real value for low-income earners
Teng emphasized that, in low-income areas, every dollar is very important for migrant workers and their families. Crypto allows them to transfer money quickly, save costs, and not worry about long wait times.
He shared:
"International remittance is one of the most practical applications of cryptocurrency. It helps workers send money home at very low or even no fees, without having to wait many days."
Conclusion
Binance Pay is not only an effective financial solution but also a major step forward in helping millions of people access a decentralized, transparent, and cost-saving financial system. With its increasing role in the remittance sector, Binance continues to affirm its mission to bring real value to users worldwide.
