Binance exchange announced in a tweet on March 12 that it was doubling ETH withdrawal fees. The company cited the reason for the decision as congested.
To better prepare 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. pic.twitter.com/gN4s0GPzKB
– Binance (@binance) March 12, 2020
Traders are not happy
This decision angered some members of the Blockchain community, with many arguing that this increase was too high for traders:
Others hope this is only a temporary measure, asking whether the change reflects centralized costs:
Binance's decentralized vision and criticism
On Valentine's Day 2020, the exchange Binance publicized its vision to build an open, decentralized platform for everyone. The notice states:
“We believe the future of Binance is a decentralized open platform and we have taken many steps to achieve this.”
Binance DEX was launched in 2019 as a decentralized market for the issuance, use and trading of cryptocurrencies. Ethereum founder, Vitalik Buterin, criticized the move, saying that DEX was overly focused.
In recent times, Binance has continued to receive criticism from the community after incidents such as unexpected shutdowns or order errors and no account balance. Although Changpeng Zhao has stood out to reassure users, it is difficult to regain the confidence of traders.
Mr. Teacher
According to Cointelegraph
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