- Binance recently increased the Tron network withdrawal fee on its platform.
- The fee hike ranged from 160% to 1400% per withdrawal.
- Tron founder Justin Sun has assured users that he is working with Binane to reduce the withdrawal fees.
Justin Sun, the founder of Tron, has addressed the recent hike in the withdrawal fees from Binance on its platform. The increase in withdrawal fees was promoted by the approval of proposal 83 by the Tron community, which changed the energy charging mechanism to dynamic energy model.
In a Twitter thread posted earlier today, Justin Sun, who also leads the popular crypto exchange Huobi, informed his followers that he was working closely with fellow crypto exchange Binance and actively exploring solutions that would bring down the 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,” the Tron founder tweeted.
According to the announcement by Binance yesterday, the withdrawal fee hike affected four groups of crypto assets. The first was Tether (USDT), USD Coin (USDC), and TrueUSD (TUSD), where withdrawal fees went from 1 USDT to 2.6 USDT marking a considerable hike of 160%.
Binance’s stablecoin BUSD saw a fee hike of 175%, going from 0.8 BUSD to 2.2 BUSD. This was followed by TronDAO’s native token TRX, whose withdrawal fee rose from 1 TRX to 15 TRX, a whopping 1400% fee hoke per withdrawal. The last group included BTTC, JST, NFT, SUN, and WIN. Prior to the hike, the withdrawal fees stood at 89,687 BTC, 50 JST, 30,600 NFT, 10 SUN, and 690. The fee hike will impose an equivalent of 40 TRX per withdrawal.
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Source: https://coinedition.com/justin-sun-working-with-binance-to-reduce-trons-withdrawal-fees/