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Justin Sun pledges to reduce TRX withdrawal fees on Binance

Binance CEO Warns Justin Sun over SUI Token Farming Attempt

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TL;DR

  • The Binance exchange platform has increased the withdrawal fee of Tron’s TRX coin.
  • Justin Sun has assured investors that he is working with Binance to reduce the hike in withdrawal fees.

     

Justin Sun, the founder of Tron, recently addressed the sudden spike in withdrawal fees on Binance. The hike was triggered by the passing of Proposal 83 through the Tron community—a proposal that modified the energy charging model to a dynamic one.

Justin Sun, who also leads Huobi, posted in a Twitter thread that he is working closely with Binance and “actively exploring solutions that would reduce withdrawal fees of Tron stablecoins and tokens on the exchange.”

“At TRON, we are dedicated to building a network that is cheap, fast, and secure. We remain committed to making crypto trading more affordable for everyone.”

Justin Sun

Binance announced yesterday that the increase in withdrawal fees affected four different groups of cryptocurrencies. However, the first group was Tether (USDT), USD Coin (USDC), and TrueUSD (TUSD), where withdrawal cost surged to 160%— from 1 USDT to 2.6 USDT. It is also essential to know that Binance’s official stablecoin BUSD also saw a withdrawal hike from 0.8 BUSD to 2.2 BUSD. Tron’s TRX was the third group, whose withdrawal fee surged from 1TRX to 15 TRX —about a 1500% increase.

The last set of cryptocurrencies that experienced an increase in withdrawal price is WIN, BTTC, JST, NFT, and SUN. Before the hike, withdrawal fees were 89,687 BTC, 50 JST, 30,600 NFT, and 10 SUN. Nonetheless, the hike in withdrawal fees will enact an equivalent of 40 TRX per withdrawal.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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