Binance doubles ETH withdrawal fees, crypto traders react with dismay
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.
To better facilitate ERC20 and ETH withdrawals during this period of high congestion on the $ETH network, we are making the following temporary adjustments:— Binance (@binance) March 12, 2020
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. pic.twitter.com/gN4s0GPzKB
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.”
Scam lads. Roberry lads— Xcrypto89 (@xcrypto89) March 12, 2020
Thats just screwing clients for your own good ????♀️— Bianca (@gjsbmw) March 12, 2020
To better facilitate, you say? To me it seems that your greed knows no boundaries.— Uldis Racs (@Last_Ph0enix) March 12, 2020
It means you're getting screwed by your favorite exchange..— AlwaysCrypto T.A. Addicted (@AlwaysCrypto81) March 12, 2020
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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