The cryptocurrency exchange Binance has revised the withdrawal-fee structure for assets on the TRON (TRX) network after adopting the latest transaction-fee model.
#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
As reported, after receiving feedback from the community, Binance returned withdrawal fees on the TRON network to previous levels.
Proposal #83, backed by validators on February 5, envisages the introduction of a dynamic-fee calculation mechanism based on a variable that accounts for the final energy consumption of contracts. The measure is aimed at increasing the cost of “low-value and fraudulent transactions” to maintain network stability and ecosystem development.
Binance published the following changes in withdrawal fees on the TRON blockchain (before and after the adjustments):
For its own TRX token, the withdrawal fee will rise 15-fold, for stablecoins about 1.5x. The withdrawal of BTTC, JST, NFT, SUN and WIN will total 40 TRX (~$2.5) in equivalent.
According to journalist Colin Wu, other exchanges and platforms will follow Binance’s lead.
Other exchanges will also follow Binance, raising fees for trc20 and TRX networks.
— Wu Blockchain (@WuBlockchain) February 10, 2023
On February 6, the Trust Wallet team announced a suspension of withdrawals of TRC-20 USDT. Binance acquired the app provider in 2018.
From February 8, the exchange ceased USD bank transfers. This followed Signature Bank’s announcement that would stop servicing Binance users’ SWIFT payments for amounts under $100,000.