TRON founder seeks to reduce withdrawal fees after fee hike on Binance

Justin Sun, the founder of TRON, announced that the firm is working with Binance to reduce the withdrawal fees on TRON tokens following a fee hike on Binance's platform.
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February 23, 2023
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

TABLE OF CONTENTS
Justin Sun; Photo Source: SCMP

Justin Sun, the founder of TRON, announced that the firm is working with Binance to reduce the withdrawal fees on TRON tokens following a fee hike on Binance's platform.

At the beginning of February, the TRON community approved Proposal 83 to enable a dynamic energy model.   

On February 10, Binance said it will increase the withdrawal fees for coins that operate on the TRON Network. The exchange cited the approval of Proposal 83 as the reason behind the spike in fees. The tokens affected by the fee hike included TRON (TRX), BitTorrent Chain (BTTC), Sun Token (SUN), JUST (JST), and WINkLink (WIN), among others.

In response, Justin Sun reassured the crypto community that TRON is exploring solutions to reduce the fee spike on Binance



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Soon after the founder of TRON posted the tweet, Binance stated that the exchange will revert the fees to previous levels, adding,

“Following feedback from the community on the adjustments made to withdrawal fees on TRON network, Binance has worked with the TRON project team to arrive at a solution for reducing withdrawal fees on TRON network.”

The price of the TRX token plunged to a 7-day low after Binance announced the fee hike. The coin's price has now stabilized and is up by 0.67% in the last 24 hours.

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Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn

TRON founder seeks to reduce withdrawal fees after fee hike on Binance

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Contents
Justin Sun; Photo Source: SCMP

Justin Sun, the founder of TRON, announced that the firm is working with Binance to reduce the withdrawal fees on TRON tokens following a fee hike on Binance's platform.

At the beginning of February, the TRON community approved Proposal 83 to enable a dynamic energy model.   

On February 10, Binance said it will increase the withdrawal fees for coins that operate on the TRON Network. The exchange cited the approval of Proposal 83 as the reason behind the spike in fees. The tokens affected by the fee hike included TRON (TRX), BitTorrent Chain (BTTC), Sun Token (SUN), JUST (JST), and WINkLink (WIN), among others.

In response, Justin Sun reassured the crypto community that TRON is exploring solutions to reduce the fee spike on Binance



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Soon after the founder of TRON posted the tweet, Binance stated that the exchange will revert the fees to previous levels, adding,

“Following feedback from the community on the adjustments made to withdrawal fees on TRON network, Binance has worked with the TRON project team to arrive at a solution for reducing withdrawal fees on TRON network.”

The price of the TRX token plunged to a 7-day low after Binance announced the fee hike. The coin's price has now stabilized and is up by 0.67% in the last 24 hours.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

Justin Sun, the founder of TRON, announced that the firm is working with Binance to reduce the withdrawal fees on TRON tokens following a fee hike on Binance's platform.

At the beginning of February, the TRON community approved Proposal 83 to enable a dynamic energy model.   

On February 10, Binance said it will increase the withdrawal fees for coins that operate on the TRON Network. The exchange cited the approval of Proposal 83 as the reason behind the spike in fees. The tokens affected by the fee hike included TRON (TRX), BitTorrent Chain (BTTC), Sun Token (SUN), JUST (JST), and WINkLink (WIN), among others.

In response, Justin Sun reassured the crypto community that TRON is exploring solutions to reduce the fee spike on Binance



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Soon after the founder of TRON posted the tweet, Binance stated that the exchange will revert the fees to previous levels, adding,

“Following feedback from the community on the adjustments made to withdrawal fees on TRON network, Binance has worked with the TRON project team to arrive at a solution for reducing withdrawal fees on TRON network.”

The price of the TRX token plunged to a 7-day low after Binance announced the fee hike. The coin's price has now stabilized and is up by 0.67% in the last 24 hours.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn
Written by
Ayush Pande