Last Friday, Binance announced to much fanfare increased withdrawal fees for major cryptocurrencies on the Tron network. The CZ team calls it Proposition 83 compliance. But judging by the series of official announcements on the site, it looks like the world’s largest exchange has had to revise its priorities.
Binance, Tron customers first
Binance is not at its first about-face regarding its decisions. At the end of January, the first exchange in the world demonstrated its quality with the accounts linked to Bitzalo.
Saturday February 11, the same exchange had to return to a decision hastily taken regarding the increase in withdrawal fees on Tron.
This pirouette has an explanationand Binance brought it the same day.
” Binancian Friends,
Following community feedback on adjustments to TRON (TRX) network withdrawal fees, Binance worked with the TRON (TRX) project team to find a solution to reduce TRON network withdrawal fees (TRX).
Thus, Binance has restored the withdrawal fees on the TRON (TRX) network to previous levels, effective February 11, 2023 at 2:30 p.m. (UTC). »
Also, the boss of Tron, Justin Sun, made some clarifications on this on his Twitter account.
” We are working closely with Binance and are actively exploring solutions that would reduce the withdrawal fees for stablecoins and TRON tokens on the exchange.
We remain committed to making crypto trading more affordable for everyone. »
A Proposition 83 Story
The decision to raise prices related to transactions on the TRON network dates from Friday, February 10. It was motivated in particular by a proposal called “83” that the TRON community adopted in January. This proposal is based on an energy billing mechanism in smart contracts. Normally this allows a switch to a dynamic energy model.
In its first proposal, Binance disclosed the following adjustments to Tron withdrawal prices.
Note also that the Tron network consists of several crypto-assets such as TRX, BTTC, NFT, JST, SUN, WIN. Justin Sun, who wanted to be a friend of investors, probably took a misstep by following Binance in this direction.
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