Closing my Binance account

[stompix]

The reason why Binance withdrawal fees are so high is because they don't bother to estimate the mempool so that they can use an optimal fee. For instance, you will regularly see the mempool nowadays having less than a 5 sats/vbyte fee, and yet these folks are charging an amount that implies a fee of hundreds of sats per vbyte! It makes no sense to do that as it's just giving free money to miners.

So exchanges are actually overpaying? I always thought they were just overcharging their users, using lower fees, and pocketing the rest of the money.  

Binance and Okex always overpay, even right now with the fees at 3 sat/v they paid a fix rate of 15sat/vb for the day:
https://mempool.space/address/bc1qm34lsc65zpw79lxes69zkqmk6ee3ewf0j77s3h
They tend to pay 3-4 times the fees of the last block, it gets way worse when the fees are high, of course it's nowhere near what they charge, but not that cheap either.

[Porfirii]

The reason why Binance withdrawal fees are so high is because they don't bother to estimate the mempool so that they can use an optimal fee. For instance, you will regularly see the mempool nowadays having less than a 5 sats/vbyte fee, and yet these folks are charging an amount that implies a fee of hundreds of sats per vbyte! It makes no sense to do that as it's just giving free money to miners.

So exchanges are actually overpaying? I always thought they were just overcharging their users, using lower fees, and pocketing the rest of the money.  

Binance and Okex always overpay, even right now with the fees at 3 sat/v they paid a fix rate of 15sat/vb for the day:
https://mempool.space/address/bc1qm34lsc65zpw79lxes69zkqmk6ee3ewf0j77s3h
They tend to pay 3-4 times the fees of the last block, it gets way worse when the fees are high, of course it's nowhere near what they charge, but not that cheap either.

And what's the reason to do that? They must have done the corresponding calculations because, given the large volume of operations, a small deviation makes a big difference. Perhaps the cost of dealing with user complaints about long transaction times is the cause?

It is ages since I quitted Binance but this was already happening several years ago, when I realised that it disincentivized sales of particulars during selloffs, when fees are already very high.

[ethereumhunter]

You can converts your Bitcoin to stable coin and then use online exchange to send the stable coin and convert it into Bitcoin. Then, you can have your Bitcoin without anyone knows where you send the funds. Sending the stable coin using BSC can decrease the fees a lot or you can use other network if you want another low fees. But using BSC is good enough to covers the fees.

You can sell your Bitcoin to other coins such as Litecoin, XRP, or even Doge that have low fees of transaction so you don't have to pay a high fees when you want to send the funds.

[Wapfika]

If you are a gambler and If Binance.us supports BEP20 Bitcoin withdrawal then you can use Betfury to deposit your BEP20 Bitcoin  then withdraw it in Native Bitcoin after completing x1 wagering requirements which you can easily complete using dice game or simply betting.

Betfury allows to withdraw on different network while the withdrawal fee on Native Bitcoin is just 0.000075BTC or just ~5$ assuming that you don’t want to withdraw on different coins.

But Doge is always the cheapest withdrawal fee on normal exchange. I’m just not sire what’s the fee applied by Binance.us

[dkbit98]

Any advice?  Would it be worth converting it to DOGE or something?  Remember, this Binance.US not Binance.com, so withdrawal fees may be different.

I think Binance added support for Lightning Network a while ago, so you can try withdrawing to some good non-custodial wallets like Zeus.
You can also use exch.cx as withdrawal address to exchange Bitcoin LN (or any other altcoins from Binance) to Bitcoin main chain if you want.
Binance is crazy charging this fees but I am not surprised with that, they don't really care about their customers.
 

Nothing to do with US citizens, but instead with Palestinians, as Binance decided to seize a certain amount of accounts (some say all, Binance says only a "few") that Israelis claim have been connected with Hamas.

Controllers who ordered coins to be seized are also controlling all US politicians, all presidential candidates and congress.

[khaled0111]

If you are a gambler and If Binance.us supports BEP20 Bitcoin withdrawal then you can use Betfury to deposit your BEP20 Bitcoin  then withdraw it in Native Bitcoin after completing x1 wagering requirements which you can easily complete using dice game or simply betting.

Not sure if binance.us support BEP20 (they most likely do), but even if they do support it, I wouldn’t recommend him to send his coins to Betfury because they do not accept customers from the US (not to mention the risk of losing some of his coins or all of them while trying to complete the 1x wagering requirement).

[DireWolfM14]

Still kind of steep but, much more reasonable:

I think Binance added support for Lightning Network a while ago

Binance.com does support lightning, but Binance.US does not.  That was the first thing I thought of, in fact.
 

Controllers who ordered coins to be seized are also controlling all US politicians, all presidential candidates and congress.

100% agree, but let's please keep the political discussion in the appropriate place.  I changed the link in the OP to point to a thread in the P&S sub.

Not sure if binance.us support BEP20 (they most likely do), but even if they do support it, I wouldn’t recommend him to send his coins to Betfury because they do not accept customers from the US (not to mention the risk of losing some of his coins or all of them while trying to complete the 1x wagering requirement).

Binance.US does support Bep20, but I don't deal in alts other than Monero and the little bit of DOGE that I have in a hot wallet.  I haven't used my MetaMask wallet in ages, and that's just another worm hole and more fees.

[dkbit98]

Binance.com does support lightning, but Binance.US does not.  That was the first thing I thought of, in fact.

Stupid, but than I remember how Phonenix Lightning wallet had to stop working in US.
I don't care about political circus at all, but this is all connected and CZ is not in control of Binance anymore after he signed a deal with DOJ.
And charging $5 for doge withdrawal is crazy, I don't understand people who are still using this exchange  

[DireWolfM14]

Stupid, but than I remember how Phonenix Lightning wallet had to stop working in US.

Yeah, none of the government bootlickers (i.e. centralized exchanges) operating in the US offer lightning.  I've got my own node running of course, so I don't care and the regulations don' t affect individuals anyway.

And charging $5 for doge withdrawal is crazy, I don't understand people who are still using this exchange  

It's highway robbery, but at least it's not a third of the amount I want to withdraw.   

Honestly it's been so long since I've logged into my Binance account, that bitcoin was probably worth $15 to $20 when I forgot about it.  But hey, $90 is a tank of gas in my truck!  All in all, bitcoin has beaten inflation! 

[MusaMohamed]

The average withdrawal fee for Bitcoin is $29 for most platforms and the lowest fee is $2 (at OKX)^[1] so you can exchange Bitcoin to LTC as the withdrawal fee is low.

OKX exchange does not have good record on their KYC policy and how they ban user accounts by don't fulfill KYC requirement immediately.

OKX frozen my account and required me to KYC with a less than $1,000 deposit

[1] https://withdrawalfees.com/exchanges/binance

Some other websites to double check withdrawal fee as well as trading fees.
https://exchangewar.info/
https://www.cryptowisser.com/exchanges/

[Z-tight]

OKX exchange does not have good record on their KYC policy and how they ban user accounts by don't fulfill KYC requirement immediately.

OKX frozen my account and required me to KYC with a less than $1,000 deposit

I don't think many centralized exchanges have a good record in this regard, any centralized exchange can confiscate your funds and require more information from you, it is part of the cons of cex's. However, it is better to select an exchange that wouldn't take a third of the BTC you want to withdraw in fees, nor complies to freeze multiple accounts from a particular region.

[mindrust]

I stopped using Binance since the ID verification was imposed and it became clear that they are trying to please governments before they ask them to, and if the clients are from a country with a weak government, their funds will be easily frozen and stolen.
So it is better to use Bisq or a platform that respects their customers.
The average withdrawal fee for Bitcoin is $29 for most platforms and the lowest fee is $2 (at OKX)^[1] so you can exchange Bitcoin to LTC as the withdrawal fee is low.

[1] https://withdrawalfees.com/exchanges/binance

Binance is the only cex I am still using now (with small amounts) but I also withdrew most of my coins a couple months ago. Bisq is truly decentralized but it lacks volume and variety. Also my laptop gets very hot after running it a while and I think this is the man obstacle that keeps it from getting bigger. It is running on a blockchain as far as I know and because of that it consumes lots of computer resources.

LTC is the best way to withdraw coins from binance like you said. Sometimes I can't beliece why it is so cheap to withdraw using LTC. Binance must have missed it.

[examplens]

Honestly it's been so long since I've logged into my Binance account, that bitcoin was probably worth $15 to $20 when I forgot about it.  But hey, $90 is a tank of gas in my truck!  All in all, bitcoin has beaten inflation! 

I don't know if I'm late to the party, but if it's still active, here's an offer. (I need some funds on that exchange)
You send me Bitcoin through the local network 'user to user' and I will send you back the same amount to the Bitcoin address you say. The only thing I don't know is whether they are considered joint users with .us and .com
I can give you my Binance ID if you want to check if is it available as an option.

btw. I support your initiative to boycott Binance because of the things they do.

[DireWolfM14]

I don't know if I'm late to the party, but if it's still active, here's an offer. (I need some funds on that exchange)
You send me Bitcoin through the local network 'user to user' and I will send you back the same amount to the Bitcoin address you say. The only thing I don't know is whether they are considered joint users with .us and .com
I can give you my Binance ID if you want to check if is it available as an option.

btw. I support your initiative to boycott Binance because of the things they do.

Thanks for the offer, but unfortunately they do not allow user to user transfers between Binance.com and Binance.US.  For regulatory reasons they have to run as completely different entities.  Not to mention, I already converted the funds to DOGE and withdrew them to my desktop wallet.  I posted them up on Bisq to convert them to BTC, but still waiting for a taker.