Binance claims its users have saved $1.75 billion in shipping costs via Investing.com.

Investing.com — Binance, a global cryptocurrency exchange, has announced that its platform has saved users nearly $1.75 billion in fees for user-to-user crypto transfers.

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

Exports play a significant role in the global economy, with forecasts predicting a growth of $913 billion. According to the International Monetary Fund, traditional money transfer methods often come with high fees, sometimes as high as 15-20%.

In contrast, according to data from Binance, the average amount of crypto remittances on their platform was $470 in 2024, users can save more on fees compared to traditional financial channels.

According to World Bank data, the average fee for sending fiat internationally is 6.65%. Binance offers users a more economical option for fee-free and fast crypto currency through Binance Pay.

In addition, Binance records show that more than half a million female users were behind more than 4 billion dollars in domestic and international crypto remittances in 2024 alone, which shows the role of cryptocurrency in promoting financial inclusion and empowerment.

Richard Teng, CEO of Binance, said the company’s mission has always been to advance global financial freedom. He emphasized that cryptocurrency can provide financial tools and opportunities to communities in need.

Teng pointed out that although the total amount of $ 26 billion represents a small fraction of the total amount, cryptocurrency adoption is expected to grow as many people realize the ability to solve the inefficiencies of traditional finance.

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