Binance Doubles ETH Withdraw Fees, Firing Up Crypto Traders
Binance Doubles ETH Withdraw Fees, Firing Upwards Crypto Traders
Binance is doubling fees for ETH withdrawals due to loftier ETH network congestion. Fired-up Crypto traders call the determination robbery.
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Binance announced in a tweet on March 12 that it is doubling fees for ETH withdrawals. The visitor cited network congestion every bit the reason for the determination. The tweet specified:
"To meliorate 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 before long."
Binance Crypto Traders are not happy with the news
This decision angered some members of the Blockchain community, with many stating that the increase was too expensive for traders to beget:
Source: Binance tweet
Others hope this is only a temporary measure, questioning whether the change reflects the price of centralization:
Source: Binance tweet
Binance's decentralized vision and its criticism
On Valentine's 24-hour interval 2022, Binance exchange publicly announced its vision to build an open, decentralized platform for all. The announcement stated:
"We believe the future of Binance is a decentralized open platform and we have taken many steps in achieving this."
Binance DEX (Decentralized Exchange) was launched in 2022 as a marketplace for issuing, using, and exchanging cryptos in a decentralized way. Ethereum founder, Vitalik Buterin, criticized the move, stating that the DEX was overly centralized.
Cointelegraph contacted Binance with questions about their decentralized vision for the visitor and received no response before press time.
Source: https://cointelegraph.com/news/binance-doubles-eth-withdraw-fees-firing-up-crypto-traders
Posted by: robinsongropen.blogspot.com
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