Binance doubles ETH withdrawal fees (2)
In the last 24 hours, Ethereum unhanded 27.1% of its market price. To make things worse for Ethereum traders, Binance doubled the ETH withdrawal fee. At 4:04 am UTC, Binance CEO, Changpeng Zhao (CZ) tweeted about the tariff raise and infuriated the platform users.

Almost four hours before this announcement, CZ had tweeted about ETH network congestion issues. At that time the average time for ETH transaction confirmations was hovering close to 2680 seconds (44 minutes). And the Gas price (gwei) was 110.

It did happen

According to the on-chain analyzer glassnode, the median gas price crossed 29 gwei. And this is the highest for the last one year.

As is evident, the market is in a state of panic. Seemingly, the traders and investors are trying to send ETH faster to allay the impact of dropping prices. Resulting in a congested ETH network.

Questioning Binance’s Decentralization

The community did not take the fee hike well. They severely criticized Binance for deviating from its decentralized vision. And the anger was evident in the comments.

Meanwhile, CZ continues questioning Fed injecting $1.5 trillion to calm the investors of traditional markets. But he seems to be failing to notice the issues with the Binance platform.

Suspended withdrawals

Binance users have been facing withdrawal suspensions for quite a long time. If they fail to address these issues when the market is at its worse, the users might lose the trust you.

Users have reported withdrawal suspensions for coins like BTC, ETH, ADA, COS, USDT, IOTA, and LINK.

Binance suspended withdrawals
Order Book Freezing

In the highly volatile market, the Binance Order Book is still not in control. The traders are complaining the order book freezes as soon as BTC touches $5,600. Does this indicate some manipulation or a technical glitch?

Leverage in this market

Some of the Binance users are condemning Binance supporting 100X margin trading in this highly volatile market. And the traders are complaining about experiencing non-smooth margin trading over Binance leading to further losses.

ETHBULL looks scammy

A trader reported an unseen glitch in Spot trading using Binance. According to the screenshots shared, when ETH is at $140, ETHBULL is $471. On the contrary, when ETH is $142, the ETHBULL is $203.

It seems Binance is facing more issues than just the crypto meltdown. Previously, we reported multiple unscheduled Binance platform maintenance.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.