fbpx
Skip to content Skip to sidebar Skip to footer

Users Upset as Binance Doubles ETH Withdrawal Fees

In what is arguably the most devastating crypto rout in the past five years, the crypto community has seen a severe bloodbath for Bitcoin (BTC) and all major altcoins in the span of the past 12 hours. On charts, the vertical red nosedive for BTC in particular came unexpectedly as prices crashed through a long term support line, and even struck $3,637, a price traders have not seen since 2018. In the midst of the carnage and as traders scramble to tabulate their losses, the world’s most prominent crypto exchange Binance announced 12 hours ago that it is doubling its fees on ETH withdrawal. 

Binance attributed the temporary hike in fees to “high congestion” on the network. As the market crashed overnight, Binance’s decision has drawn some flak from the community as its price hike only serves to worsen the current situation. 

Users have taken to social media to voice their dissent, with some comments describing the fees as ‘expensive’, while other users have called it a ‘scam’ and ‘robbery’. Some also mentioned that considering the gas fees for ETH currently, the fee increase seems justified. 

Moreover, it seems that Binance also took down Tether (USDT) on the exchange momentarily at the same time the announcement of increased ETH withdrawal fees was released. It has since been restored on the platform.

Binance has been experiencing some technical troubles, such as user accessibility, in the past two months. This has resulted in two unscheduled and abrupt maintenance sessions, leading to the temporary suspension of operations on its platform each time.

You may also want to read: Huobi Launches Huobi Lite Mobile App For SEA Markets

Leave a comment

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in bitcoin and crypto. We bring you expansive crypto news coverage around the world. We offer many thought leadership opinions from blockchain experts and leaders of the industry.

Subscribe to SCN

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

111 North Bridge Road, 21-01, Peninsula Plaza, Singapore 179098.

Phone: +65-80282938

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

Follow Us On

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us