Binance has recently made the decision to increase the withdrawal transaction fees of the Tron network. Its founder, Justin Sun, is now in talks with the stock market to discount all 3 altcoins.
Justin Sun is working with Binance to drop altcoin withdrawals
cryptocoin.com As we reported, Binance announced on February 10 that it has approved a new proposal that will increase gas fees for 6 Tron-based altcoin projects. In this offer, withdrawal fees for USDT /USDC /TUSD have been increased from 1 to 2.6 units. Also, fees from BUSD, the stablecoin of the Binance network, were increased from 0.8 to 2.2. TRX withdrawals have been increased from 1 TRX to 15 TRX. The exchange’s increased withdrawal transaction fees were part of an effort to filter out low-value or even fraudulent contracts.
Tro founder Justin Sun addressed the recent increase in withdrawal fees from Binance on his platform. The increase in withdrawal fees was approved by the Tron community, this request was enforced by Binance as per Proposal 83.
#Binance will adjust the TRON Network Withdrawal Fees.
This adjustment is in line with the latest proposal passed by the TRX community to change the energy charging mechanism to a dynamic energy model.
More info here ⤵️https://t.co/O7rffAWttr
— Binance (@binance) February 10, 2023
Justin Sun shared that he is working on a discount
In a Twitter thread published earlier today, Justin Sun, who is also the leader of popular crypto exchange Huobi, informed his followers that he is working closely with other crypto exchange Binance and is actively exploring solutions to lower withdrawal fees for Tron stablecoins and tokens:
The Tron founder said, “At TRON, we are committed to building a cheap, fast and secure network. We are committed to making crypto transactions more affordable for everyone,” he tweeted.
At #TRON, we are dedicated to building a network that is cheap, fast, and secure. Following the recent change in energy charging model to the dynamic energy model, @Binance adjusted the withdrawal fees on the #TRON network.
— H.E. Justin Sun🇬🇩🇩🇲🔥₮ (@justinsuntron) February 11, 2023
Sun continued the tweet, “Binance has adjusted the withdrawal fees on the TRON network to be dynamic. We work closely with Binance and are actively exploring solutions to reduce withdrawal fees for the exchange’s TRON stablecoin and tokens. As more updates become available, they will be shared with the community,” he wrote. The founder quickly responded to the demand of the community, which reacted to the high raise.
TRX withdrawals increased by 1400%
According to Binance’s statement yesterday, the hike in the withdrawal fee affected four cryptocurrencies. The first is Tether (USDT), USD Coin (USDC), and TrueUSD (TUSD), where withdrawal fees have increased from 1 USDT to 2.6 USDT, a significant 160% increase.
Binance’s stablecoin BUSD saw a 175% fee increase from 0.8 BUSD to 2.2 BUSD. This was followed by TronDAO’s native token TRX, whose withdrawal fee increased from 1 TRX to 15 TRX, a massive 1400% fee increase per withdrawal. The final group included BTTC, JST, NFT, SUN and WIN. Prior to the hike, withdrawal fees were 89,687 BTC, 50 JST, 30,600 NFT, 10 SUN and 690. The fee increase will be equivalent to 40 TRX per withdrawal.
