‘Memepool’ full: Here’s how exchanges adjust Bitcoin withdrawal fees

Amid

“On-chain withdrawal fees are increased due to BTC network congestion. The current withdrawal fee is 0.001 BTC,” a spokesperson for Huobi told Cointelegraph on May 11. Prior to the increase, the original BTC withdrawal fee was 0.0004 BTC ($11), the representative added. Huobi has also not implemented Lightning yet. “The Lightning Network is currently under discussion,” the Huobi spokesperson said.

According to public information, Binance also charges 0.001 BTC ($27) as a BTC withdrawal fee, while the minimum withdrawal amount is 0.002 BTC, or $55.

Despite relatively expensive BTC withdrawal fees, Binance has still experienced major issues with withdrawals amid the ongoing “memepool” congestion recently. On May 8, Binance was forced to halt withdrawals two times in 12 hours amid 400,000 transactions getting stuck on the Bitcoin mempool. The events have pushed Binance to seriously consider implementing LN.

Multiple exchanges, including Coinbase, Bybit and Crypto.com, didn’t respond to Cointelegraph’s request for comment.

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