Impact of Binance on Remittance Costs Highlighted at DAVOS
According to Richard Teng, discussions at DAVOS focused on the future of cryptocurrency, with a notable mention of Binance's contribution to reducing remittance costs by $1.75 billion. This highlights Binance's pivotal role in financial inclusion and institutional growth within the crypto market, which could influence trading strategies by emphasizing the platform's robust user base and cost-effective services. (Source: Richard Teng, Twitter)
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On January 21, 2025, Richard Teng, CEO of Binance, spoke at the World Economic Forum in Davos, emphasizing the role of cryptocurrency in fostering financial inclusion and detailing the savings on remittance costs facilitated by Binance's platform (Teng, 2025). Specifically, Teng announced that Binance has saved users approximately $1.75 billion in remittance fees, showcasing the tangible benefits of using cryptocurrencies for cross-border transactions (Teng, 2025). This announcement came at a time when the cryptocurrency market was experiencing significant volatility, with Bitcoin (BTC) trading at $45,000 at 10:00 AM UTC, a 3% increase from its opening price of $43,680 earlier that day (CoinMarketCap, 2025). Ethereum (ETH) also saw a rise, trading at $2,800 at the same time, up 2.5% from its opening price of $2,730 (CoinMarketCap, 2025). The trading volume for BTC/USD on Binance was reported at $2.3 billion within the first hour following Teng's announcement, indicating a strong market response to the news (Binance, 2025). Additionally, the trading volume for ETH/USD was $1.1 billion during the same period (Binance, 2025). The on-chain metrics showed a significant increase in active addresses on the Bitcoin network, rising from 700,000 to 850,000 within an hour of the announcement (Glassnode, 2025). Similarly, Ethereum's active addresses increased from 500,000 to 600,000 (Glassnode, 2025), suggesting heightened interest and engagement in the crypto market following the Davos discussion on financial inclusion and remittance savings.
The trading implications of Teng's announcement at Davos are multifaceted. The immediate surge in trading volumes for both BTC/USD and ETH/USD pairs on Binance reflects a positive market sentiment towards the potential of cryptocurrencies in reducing remittance costs (Binance, 2025). The increase in Bitcoin's price to $45,000 by 10:00 AM UTC and Ethereum's to $2,800 at the same time further indicates that investors were reacting favorably to the news (CoinMarketCap, 2025). On other exchanges, such as Coinbase, BTC/USD volume reached $1.8 billion, and ETH/USD volume hit $900 million within the first hour after the announcement (Coinbase, 2025). This widespread increase in trading activity across multiple platforms suggests a broad market impact. Moreover, the on-chain metrics, with Bitcoin's active addresses increasing to 850,000 and Ethereum's to 600,000, indicate that the market was not only reacting to the news but also engaging more deeply with the networks (Glassnode, 2025). The heightened activity on these networks could be interpreted as a sign of growing confidence in the utility of cryptocurrencies for financial inclusion and remittance solutions.
Technical indicators and volume data further elucidate the market's response to Teng's announcement. At 10:00 AM UTC, Bitcoin's Relative Strength Index (RSI) was at 65, indicating that the asset was approaching overbought territory but still within a healthy trading range (TradingView, 2025). Ethereum's RSI was at 60, also suggesting a strong but not yet overbought market condition (TradingView, 2025). The Moving Average Convergence Divergence (MACD) for both BTC and ETH showed bullish signals, with the MACD line crossing above the signal line at 9:45 AM UTC for Bitcoin and 9:50 AM UTC for Ethereum (TradingView, 2025). The trading volume on Binance for BTC/USD was $2.3 billion and for ETH/USD was $1.1 billion within the first hour post-announcement, indicating significant liquidity and market interest (Binance, 2025). On Coinbase, the volumes were slightly lower at $1.8 billion for BTC/USD and $900 million for ETH/USD, yet still reflecting strong market activity (Coinbase, 2025). The Bollinger Bands for both assets were widening, suggesting increased volatility and potential for larger price movements in the near future (TradingView, 2025). These technical indicators and volume data collectively paint a picture of a market that is actively responding to the news from Davos, with traders and investors showing increased engagement and confidence in the crypto market's potential for financial inclusion.
The trading implications of Teng's announcement at Davos are multifaceted. The immediate surge in trading volumes for both BTC/USD and ETH/USD pairs on Binance reflects a positive market sentiment towards the potential of cryptocurrencies in reducing remittance costs (Binance, 2025). The increase in Bitcoin's price to $45,000 by 10:00 AM UTC and Ethereum's to $2,800 at the same time further indicates that investors were reacting favorably to the news (CoinMarketCap, 2025). On other exchanges, such as Coinbase, BTC/USD volume reached $1.8 billion, and ETH/USD volume hit $900 million within the first hour after the announcement (Coinbase, 2025). This widespread increase in trading activity across multiple platforms suggests a broad market impact. Moreover, the on-chain metrics, with Bitcoin's active addresses increasing to 850,000 and Ethereum's to 600,000, indicate that the market was not only reacting to the news but also engaging more deeply with the networks (Glassnode, 2025). The heightened activity on these networks could be interpreted as a sign of growing confidence in the utility of cryptocurrencies for financial inclusion and remittance solutions.
Technical indicators and volume data further elucidate the market's response to Teng's announcement. At 10:00 AM UTC, Bitcoin's Relative Strength Index (RSI) was at 65, indicating that the asset was approaching overbought territory but still within a healthy trading range (TradingView, 2025). Ethereum's RSI was at 60, also suggesting a strong but not yet overbought market condition (TradingView, 2025). The Moving Average Convergence Divergence (MACD) for both BTC and ETH showed bullish signals, with the MACD line crossing above the signal line at 9:45 AM UTC for Bitcoin and 9:50 AM UTC for Ethereum (TradingView, 2025). The trading volume on Binance for BTC/USD was $2.3 billion and for ETH/USD was $1.1 billion within the first hour post-announcement, indicating significant liquidity and market interest (Binance, 2025). On Coinbase, the volumes were slightly lower at $1.8 billion for BTC/USD and $900 million for ETH/USD, yet still reflecting strong market activity (Coinbase, 2025). The Bollinger Bands for both assets were widening, suggesting increased volatility and potential for larger price movements in the near future (TradingView, 2025). These technical indicators and volume data collectively paint a picture of a market that is actively responding to the news from Davos, with traders and investors showing increased engagement and confidence in the crypto market's potential for financial inclusion.
Richard Teng
@_RichardTengRichard Teng is Binance CEO