After criticism from users, Binance canceled the increase in fees

After criticism from users, Binance canceled the increase in fees

Author: Robert Strickland

After criticism from users, Binance canceled the increase in fees
After receiving feedback from the crypto community, the exchange returned the fees to the previous levels

Binance has canceled an increase in withdrawal fees from the TRON network. The exchange said in an announcement that due to negative feedback on increased transaction fees, it decided to return fees to previous levels.

On Friday, February 10, Binance announced the adjustment of withdrawal fees on the TRON network. This was due to the TRON community's acceptance of a proposal to change the mechanism for calculating transaction fees. Withdrawal fees for TRC-20 tokens on Binance were more than doubled.

TRON network is known for its low transaction fees, so transactions in this network are very popular. In comments on Binance's announcement of the increased fees, users noted that the cost of withdrawing tokens on that network has now exceeded the fees for the same transactions on competing networks and that this could lead to a spillover of Tether (USDT) transactions to other blockchains.

"After receiving community feedback on the changes made to withdrawal fees on the TRON network, Binance worked with the TRON project team to find a solution to reduce withdrawal fees on the TRON network," the exchange said in a statement.

As a result, Binance has returned TRON network withdrawal fees to previous levels as of February 11. Withdrawal fees for USDT, USDC and TUSD stablecoin returned back to 1 USDT, USDC and TUSD, respectively, and BUSD stablecoin - to 0.8 BUSD.


Other news

Binance CEO Explains the Uniqueness of the Upcoming Bitcoin Halving
CryptoQuant reported record accumulation of bitcoins ahead of the halving.
We've sold everything. Expert names reasons for crypto market downturn
The losses of miners after the halving were estimated at $10 billion. Where does this figure come from?
Robert Kiyosaki cited reasons for not investing in Bitcoin via ETF.
Chapter Hut 8 CEO Discusses Banks' Interest in Buying Bitcoin from Miners