Users upset that Binance's wrong crypto network retrieval fees have soared to...
A few months prior, wrong network retrieval fees costed around 0.001 BTC on Binance. On Tuesday, the product team at cryptocurrency exchange Binance held an ask-me-anything session with users on Reddit. Of particular interest was a discussion that arose regarding retrieval fees for crypto sent on different networks than the recipient's wallet address on Binance. According to user Maxx3141, who brought up the issue:"I accidentally send WETH [wrapped Ether] to my Polygon address two months ago. Your exchange supports Polygon, but just for MATIC. It was only like 100$ in value. I found out....
Related News
Until the launch of the Binance Smart Chain in September 2020, many decentralised exchanges relied on the Ethereum network for transaction processing among other functionalities. This resulted in an overburdening of the network, leading to congestion, high transaction fees and slow transaction speed. The development of the BSC infrastructure stemmed from the need to provide a faster network that is far less expensive than Ethereum. The Binance team aimed to improve the freedom of money by building a holistic community-driven ecosystem where assets flow freely based on users’ needs. Since....
The number of Indian users on cryptocurrency exchange Binance has soared after the Indian government began levying taxes on crypto transactions. Meanwhile, daily trading volumes at some major India-based cryptocurrency exchanges are down over 90% since the new tax rules took effect.
Binance Sees Record Number of Indian Users
The number of Indian user sign-ups soared on global crypto exchange Binance after a 1% tax deducted at source (TDS) went into effect in July, Bloomberg reported Tuesday.
The number of Binance app downloads in India jumped to 429,000 in August, the....
Despite the popularity of the Ethereum blockchain, several developers believe the blockchain network is slowly becoming outdated as more and more projects shift their bases to alternative blockchain networks. What caused this gradual shift was Ethereum’s slow transaction rate and high gas fees. The slow transactions and high gas fees of the Ethereum Network were caused by network congestion. Ethereum Network works on a Proof of Work protocol and is slowly moving towards Proof of Work protocol. The current algorithm, however, is not capable of handling the present number of transactions....
The recent ramp higher in cryptocurrency prices has assuredly attracted its fair share of cheerleaders and detractors alike, but the reality of this climb has been a concurrent increase in network fees from rising transaction volumes. Binance is Blamed for Purposely Choking Ethereum’s Network to Drive More Users to Its Own Platform The resulting volumes have clogged networks like Ethereum, which have seen gas costs climb almost 20x over the last 12 months. For the growing DeFi market, these sky-high costs have elicited significant criticism from the community and mobilized the....
Blockchain-oriented international education platform LABEL Foundation has announced it is bridging over to the Binance Smart Chain. In order to expand interoperability, the platform which is built on the Ethereum Mainnet is enabling new use cases through this bridge. Using the MultiBaas Middleware built by Curvegrid, LABEL Foundation will create a bridge that links the Ethereum Mainnet and the Binance Smart Chain that will allow LBL tokens to move freely between both blockchains. The integration will allow for advanced smart contract capabilities as well as massive computation for the....