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The Binance exchange doubles the fees for withdrawing Ethereum amidst a sluggish market

    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.

    Traders are not happy

    This decision angered some members of the Blockchain community, with many arguing that this increase was too high for traders:

    Binance exchange doubles Ethereum withdrawal fee

    Others hope this is only a temporary measure, asking whether the change reflects centralized costs:

    Binance exchange doubles Ethereum withdrawal fee

    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.

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