Emerging markets (EMs) accounted for 77% of new users on Binance, according to a report last week from the world’s largest crypto platform. These users’ activity goes beyond just trading to include things like investments, savings and payments.

“The constraint that has historically limited financial inclusion — the cost of physical distribution against geographically dispersed demand — has been substantively relaxed by mobile-device penetration and on-chain settlement infrastructure,” the report said.

“Cost, access and yield gaps that have proven persistent under conventional banking arrangements are addressed at…