Upbit Slashes Withdrawal Fees for 22 Cryptos, Effective August 23

• Starting on August 23, 2024, at 1 a.m. ET or 2:00 p.m. KST, this change will take effect.
• Upbit has reminded its customers to double-check the withdrawal costs.

Withdrawal fees for 22 different cryptocurrencies have been lowered by Upbit, a crypto exchange based in South Korea. Among them are well-known tokens such as Shiba Inu (SHIB) and Ethereum (ETH). Starting on August 23, 2024, at 1 a.m. ET or 2:00 p.m. KST, this change will take effect.

Recent reductions in Ethereum network costs have an immediate effect on the transaction fees for different tokens, prompting Upbit to take this new step. Withdrawals for Ethereum, the cryptocurrency with the second-largest market capitalization, will now cost just 0.007 ETH instead of 0.009 ETH. In addition, the withdrawal fee for the widely used meme coin Shiba Inu will be drastically reduced from 560,000 SHIB to 101,331 SHIB.

Solidifying Position

A wide variety of other cryptocurrencies listed on the crypto exchange will also be impacted by the fee modification, not just these prominent cryptocurrencies. Upbit has reminded its customers to double-check the withdrawal costs that apply to their specific transaction.

Until the changes are completely executed, the current fees will not be changed. In an effort to solidify its position in both domestic and international markets, the South Korean exchange has lowered its withdrawal fees.

In the meantime, Bithumb, Upbit’s main local competitor, won a 130 million won corporation tax lawsuit. Although this achievement enhances Bithumb’s standing, the exchange is now under more scrutiny due to the XENT lawsuit.

The price of Bitcoin (BTC) surpassed the optimistic $61,000 threshold for the second time. Currently, the cryptocurrency is riding high on important positive market trends, making progress toward the critical barrier of $64,000–$66,000.

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