Binance raised withdrawal fees again?

[Mahanton]

This has been since February. ANd the increased fee is not only for USDT but also for other coins. Moreover, Ethereum is also the same due to the high transaction and also increases of the tokens themselves.
https://www.binance.com/en/support/announcement/ff82416efab0438db233f018d90cfadb

And actually, the increased fee of withdrawing USDT using TRC20 is not only on Binance and now only Binance that charges fees for TRC20.
We can find out several exchanges that also increase or charge $1 or more fees for USDT withdrawal using TRC20.

So this is just a typical situation where fees do rise up because if we do see these increases only on Binance platform not on other platforms then that would really be raising up question because
charging much compared to typical fee will surely be giving out some bad impressions but it seems that this one is a global issue when it comes to fee increase.
For now we cant do that much about on getting rid of these rise in fees but to deal with it.I know that someone cant really just accept such changes but
basing on fiat value it isnt really that much high.

[1714116119]

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[batang_bitcoin]

Maybe Binance can no longer give that for free and they see that there's a batch of transactions for that withdrawal and they have to take action on it or they'll miss a lot of profits from those small withdrawal fees that they'll get from everyone. But if this is the same as the other exchanges increasing the fee, they have to cope up with the fees being charged by the network itself.

[Luqman]

They should have a reson to increase withrawal fees. It may be related to the significant improvement of users who are doing withdrawal fees currently or probably they think other exchanges already have higher rates for withdrawal fees.

[Mpamaegbu]

First, OP should know that Binance is a business enterprise in a capitalist environment and not some charity organization or an NGO. Again, the difference in what is charged from OP's complaint in USDT withdrawal is infinitesimal compared to what Binance charges when it comes to BTC withdrawal which is extremely high. Binance has refused to adjust the 0.001% it has been charging for years now even while Bitcoin prices keeps surging causing withdrawal fee in dollar value to rise in proportion to BTC price. This is what irks me.

[masterrex]

The withdrawal fees were changed from 0 to 0.2 a month ago for the withdrawal of USDT as TRC20. I went with withdrawing some USDT from binance to Kucoin to buy some velo but the withdrawal fees taken were $1. It's absurd how much binance is charging for withdrawal when the fees from blockchain are most probably free for binance as they are super representative on tron blockchain. 
I use binance for it's cheaper transaction fees but these these unnecessary withdrawal fees are going to be a push factor as newer exchanges too are coming with aggressive promotions.

IMHO, I think thats not high enough compared to the ERC20 based USDT, and $1 fee for TRC20 based USDT is still favorable to me, compared to the ERC20 base USDT, and I believe Binance has a reason why they increased it as I remember in the fast if the Network was normalized Binance fees also reduced so I think thats the reason why fees are increased due to Network congestion. 

[Luffygroove]

It is expected for the most trusted CEX to do this. When people are still using it although the fees increased, that's the actual problem. We are badly in need of a trustable, reliable, and low fees DEX right now. Seriously, what made binance could defeat the decentralization principle in cryptocurrency?. Moreover, with the BSC popularity increasing, binance sure can scoop more profit right now. I'm aware that BSC innovation can solve any problem related to ETH high fees etc but people should start to find another alternative, if not, Binance will do the monopoly.

[TastyChillySauce00]

Definitely expected form CEX, and not to mention that it's a stablecoin anyway, basically owned by some private company, but still logical I guess if you're just trying to send money and be done with it, the problem with these high fee that are applied in some exchanges is that most of stablecoin users don't just move their stablecoin once but they make transaction multiple times. But I wonder why all the exchanges out of the blue increased the fee, is that decision from the stablecoin issuer or what.

[btc78]

Well i can't feel that increase in binance because I commonly Use XRP(Ripple) when Withdrawing In binance so the cheapest is what i always got from Fee.

Maybe people need to have use Cheaper coins for their transactions though I am lucky because our local wallet has XRP adoption so anytime we can use Ripple from Exchange withdrawal and to Fiat conversion .

[Sled]

Are we expecting this?
We are just surprise but this kind of decision isn't alarming since the other exchanges are also increasing their fees. The only difference to Binance is that they are giving some way to promote the use BUSD where people think that they can help to save cost from withdrawal.

Well i can't feel that increase in binance because I commonly Use XRP(Ripple) when Withdrawing In binance so the cheapest is what i always got from Fee.

Maybe people need to have use Cheaper coins for their transactions though I am lucky because our local wallet has XRP adoption so anytime we can use Ripple from Exchange withdrawal and to Fiat conversion .

XRP save us, I mostly use this when I make withdrawals, 1XRP that just only a cents. That is a huge difference to other coins.

[0t3p0t]

when users in crypto learned that it was cheaper to send USDT in TRON than USDT - ERC20, they began using TRX20 USDT extensively that Binance felt they are missing a lot of profit and then adjust the fees. $1 isn't that high compare to ETH gas.
i didn't discover it was cheap to use the USDT of TRX until there was a thread about it. 

it was totally biased decision to encourage the usage of their BUSD.

Why should they encourage the usage of USDT,

Have you read what I said? I think you have missed my post. I didn’t say they are encouraging USDT. I said they are encouraging the use of the Binance Chain stablecoin BUSD.
And the fee isn’t $0.20, it’s $1 per transaction which I think not a small amount considering the required fee needed for them.

there isn't a lot of projects yet on BSC that will make us go and use BUSD yet. i doubt there will be many. been around for a while but i don't even have a BSC wallet.

There isn't a lot of projects on BSC but majority of those projects use BSC because a lot of investors are moving out from the high fees of erc20 tokens/coins. There even pending payment distribution on erc20 tokens a couple of months ago and until now it has not been released.

Binance is really encouraging it's users to use their BUSD and we can do nothing about that. As long as it's cheap then we're good to go.

[Stanlo]

The actual withdrawal fee of TRX USDT should be around 0.2$ just imagine how much these people are seeing every minute of every day, I've stopped using binance for USDT withdrawal, if I have to trade on binance I always end up using doge or XRP to withdraw to another exchange that have less USDT-TRX fee if USDT is really what I want

[Alns]

High fees is really proffitable thing for them. A lot of withdrawals happens every day

[raidarksword]

Yeah, binance raising up some fees now because i withdrew usdt trc network was now charged to $1 that supposedly it was only 0.5$ or less as i remembered last month. Even on xrp i think they also make a raised to 0.25 xrp, while other exchange like mxc only charge 0.1 xrp for withdrawals.

[Fivestar4everMVP]

This should be expected, binance is a centralized business with their own currency, even with their own stable coin, so personally, I see this as a marketing strategy for their own stable coin (BUSD), it's just like them saying that "we are gonna raise the fees for other stable coins on our platform, if you don't want to pay the fee, then use our own stable coin cus its totally free from fees".
So to cut the long story short, I think this is just a way to push people to start using or transacting in BUSD, atleast, in some way, this will also boost their platform and blockchain.

[gurunanakji777]

You should not much bother about the 1$ fee. Still, the Binance fee is affordable to pay if compared with the ERC-20 Gas fee. Let see Erc-20 fee will be reduced or not after the Berlin hard fork that is expected soon. We all know most of the traders' first priority is Binance for trading just because of the huge volume on the pairs. Traders don't trust easily on new exchanges it takes time to build up the trust and Binance is a tested and trusted exchange. But if Binance will also be on the path of ERC-20 transaction charges soon we will see some other exchanges on top for less transaction fees.

[int03h]

It is possible that due to the increased amount of withdrawals they begin to charge fees. If we compare withdrawals in USDT-ERC20 with other platforms, the difference is huge. ERC 20 has a very high cost so they apply a TRC20 fee of $ 1 for a withdrawal which is still too good because the speed is fast but the cost is cheap. The decoy effect in this case is very obvious.
Binance's increase in withdrawal fees also caused other exchanges to charge 1. Currently, as far as I know, only Kucoin allows free withdrawal of USDT-TRC20.

[Bttzed03]

The USDT withdrawal fee is:
- BEP2: $1
- BSC: $0.8
- ERC20: $20
- TRC20: $1
- OMNI layer: disabled.

USDT Omni withdrawal fee is 28 from https://www.binance.com/en/fee/depositFee.

Someone has pointed out that they increased the withdrawal fee on different networks to promote their native stable coin BUSD. Let's compare the withdrawal fees:
- BEP 2: 0.5
- BEP20 (BSC): 0
- ERC20: 10

^ Those figures confirm what has been said by other members.

Is Poloniex still under the control of Justin Sun? If so, I won't be surprised if he increases withdrawal fees of BNB and BEP2/BEP20 as a response to his buddy CZ's action. New level of exchange wars 

[akgandalf]

Cz can do anything at any time. These things always happen like this. He saw high commissions in the Ethereum network and collected customers with low commissions in the bsc network, now he is gradually increasing the fees.

[inanilujimi]

this has become their marketing strategy, the more people who use it, they will use it to make a profit, it's not uncommon for Binance to do this on the crypto market just the way they want us to.

[nebuch]

A few days ago Binance exchange don't allow withdraw Fees on tether withdraw but recently Binance centralized exchange already raised withdraw fees on tether. You can withdraw your tether USDT TRC20 on 1 dollars withdraw fees.

3 days ago I did transac using Binance and sent usdt TRC20 to another wallet of TRC20. I was shocked because the fees suddenly became 1$ which was just cheaper before $0.2. I haven't a choice than do use it. Although still trc20 is cheaper than erc20 gas fee. Still recommended to use trc20 than erc20 usdt.