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Crypto exchanges amidst market crash: Binance doubles ETH withdrawal fee

Crypto exchanges amidst market crash Binance doubles ETH withdrawal fee

Crypto exchange platform Binance has announced that the company is doubling the fees for Ethereum withdrawals. The company revealed that the network was being congested due to too many withdrawal requests and hence deemed it as necessary.

The withdrawal fees of Ether (ETH) has been changed from 0.003 ETH to 0.006 ETH. Moreover, the withdrawal of ERC 20 tokens has been changed from 0.006ETH to 0.001 ETH. With this, the company announced that the platform would re-open withdrawals shortly.

Crypto exchanges suffer from the market crash

With Binance‘s announcement, many angry traders started accusing Binance of using the opportunity to profit off others’ misery. Many people claimed that the move was a clear robbery by the company, while others are shocked by the ‘absurdity’ of the decision.

Meanwhile, some of the traders push the blame on the centralized nature of the exchange platform. Regardless of the reason, traders were not happy to hear the announcement.

Bithumb and Huobi back online

Huobi and Bithumb, two of the leading crypto exchanges in Asia, were both frozen due to congestion on their platforms. During the flash crash of the market, the exchanges announced that the platforms were overwhelmed by the traffic. Now the platforms are once again online and are operating normally.

The issue occurred when the market faced sudden selling pressure that caused almost all assets to lose value. When the prices were decreasing, Huobi was overwhelmed with thousands of visits to its site that caused the servers to freeze as well as other technical issues. The company warned users that their application and website is facing issues. South Korean exchange platform Bithumb also faced similar issues.

Featured image by pixabay.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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