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Binance doubles ETH withdrawal fees, crypto traders react with dismay

Image by Binance from Twitter

Sat, 14 Mar 2020, 08:37 am UTC

Crypto exchange Binance has doubled the fees for Ether (ETH) and crypto traders are not pleased.

Binance made the announcement on Twitter citing “high congestion” on the network as the reason for its decision. The exchange said that it was only a temporary adjustment.

“To better facilitate ERC20 and ETH withdrawals during this period of high congestion on the $ETH network, we are making the following temporary adjustments: ETH withdrawal 0.003 ETH is now 0.006 ETH ERC20 withdrawal 0.006 ETH is now 0.01 ETH Withdrawals will re-open shortly,” Binance wrote.

Binance users reacted with dismay after learning that the fee has doubled. One said that it was “totally absurd” while another called it “robbery.” Many also called it a “scam.” Some asked if there were “insolvency issues.”

Binance's move could backfire because several customers took the increase in fees against them. One asked why the announcement means and another said, “It means you're getting screwed by your favorite exchange.”

Meanwhile, Binance was involved in the dispute between TRON CEO Justin Sun and the DPoS-based crypto platform STEEM. Binance published an open letter to address the issue.

In its letter, Binance apologized for the situation which it deemed to be due to a “miscommunication about the specifics of the blockchain’s upgrade/hard fork.” It added that after receiving the feedback, it decided to “unvote.”

“Binance stays neutral and has no interest in on-chain governance beyond the Binance ecosystem. We hold a supportive position of normal upgrade/hard fork and will continue to do so in the future,” Binance wrote.

Binance hoped that the STEEM community and TRON will eventually reach an agreement because the issue poses potential risks and damages to STEEM users on Binance.

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