Richard Teng, Chief Executive Officer of Binance, said that cryptocurrency can enhance financial inclusion and reduce remittance costs as adoption increases and regulatory clarity improves. This statement was made during a video interview with Mastercard’s newsroom.

"Binance's vision from day one is to support the freedom of money globally," said Teng. "Crypto exists to solve many of these pain points. The reality is that crypto is the easiest form. We onboard, on average, more than 150,000 new users a day onto our platform since 2024."

In recent years, global financial inclusion has emerged as a critical challenge, with over a billion adults worldwide lacking access to basic banking services. This situation is particularly acute in emerging markets, where traditional financial infrastructure is often underdeveloped. The rise of cryptocurrency has been seen by many as a potential solution, offering borderless, low-barrier entry points for financial participation, remittances, and savings. However, issues of volatility and regulatory uncertainty remain major hurdles. According to the World Economic Forum in 2024, many developing economies have seen surges in crypto use for remittances and as a hedge against inflation, but regulatory approaches are still evolving to address consumer protection and financial stability concerns.

Global cryptocurrency adoption rates in 2024 indicate that approximately 420 million people worldwide own or use cryptocurrencies. Emerging economies such as India, Nigeria, and Vietnam rank among the highest in grassroots adoption. Recent surveys highlight that over 17% of adults in India and 12% in Nigeria have engaged in crypto transactions in the past year. This reflects increasing reliance on digital assets where banking penetration remains low. According to a 2024 Chainalysis Global Crypto Adoption Index, momentum continues to build in regions underserved by traditional banks.

Recent data reveal that the average global fee for sending remittances via traditional methods remains around 6.2% of the transaction amount, with some corridors exceeding 10%. In contrast, cryptocurrency remittance solutions offer average fees ranging between 0.5% and 2%, significantly reducing costs for cross-border transfers and providing faster settlement times. According to the World Bank and industry research compiled by The Block, this difference highlights the potential for crypto to disrupt the $800 billion global remittance market.

Teng is a prominent figure in global cryptocurrency regulation and compliance. Prior to joining Binance, he served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market and held key roles at the Monetary Authority of Singapore. As reported by Bloomberg, Teng’s regulatory expertise and international experience position him as a leading voice in shaping crypto policy and fostering regulatory dialogue worldwide.

Binance is a global cryptocurrency exchange founded in 2017 by Changpeng Zhao with the mission to increase the freedom of money worldwide by making crypto accessible and secure for all users. Headquartered in Malta but operating globally, Binance offers a suite of financial products including spot trading, derivatives, and decentralized finance solutions. According to its official site and public regulatory filings, Binance has faced a complex regulatory landscape—obtaining licenses in some jurisdictions while encountering bans and ongoing investigations in others—as governments seek to clarify crypto oversight.