Quote from: LoyceV on Today at 09:38:23 AM

Lol, they've increased withdrawal fees to 0.00057 BTC.

They are only charging the higher amount if you withdraw to a non-SegWit address. If you withdraw to a SegWit address, the withdrawal fee remains at 0.0005.

Quote from: LoyceV on Today at 09:38:23 AM

But what I really dislike about them is the "Select withdrawal network" when withdrawing Bitcoin. Their site is now designed to confuse uneducated users into thinking there is more than one way to withdraw Bitcoin, while 75% of their options are fake.

I would compare binance allowing customers to withdraw "bitcoin" via ETC20 and their two BEP blockchains as something similar to how exchanges allow customers to withdraw stablecoins. When someone withdraws a stablecoin, they are receiving a token that is backed 1:1 with Dollars, is redeemable for dollars at the same rate, and customers most frequently receive stablecoins with the intention of later depositing the stablecoin on an exchange that supports said stablecoin when market conditions warrant. The customer does not have to wait for the slow banking system, nor have to deal with the costs associated with using the banking system every time they want to temporarily move "dollars" off their exchange account, or when they want to move dollars between exchanges.

No, an ERC20 token, nor a BEP20 token that represents bitcoin is not bitcoin. Someone receiving a "bitcoin" withdrawal via one of the smart contract blockchains most likely intends to later deposit said coin back onto their binance account, or another exchange account that supports said blokchain deposits. With that being said, I would rather a trader who understands the difference, and the risks of holding onto their "bitcoin" this way, and who can be described as the above, receive their "bitcoin" withdrawals this way so to lower transaction fees for everyone else who is using the actual bitcoin blockchain.

Quote from: o_e_l_e_o on Today at 09:41:48 AM

Taking a look at their last withdrawal transaction which was broadcast: https://mempool.space/tx/8d6454fbdfe1ba950ebbfbd79a2a389640a63074effcff9060180bcfe690f24f
38 outputs, total fee of 48*0.00057 = 0.02736 BTC. Even with their ridiculous 100x overpayment fee of 0.002009, they still make a nice profit of 0.025351 BTC, almost $800 at current prices, on a single transaction. They have made 20 such transactions in the last hour alone. $16,000 an hour taken from their users for no reason. y

There are costs associated with processing a withdrawal above transaction fees. Binance (or any other exchange or business that processes withdrawals) needs to invest in means to ensure that withdrawal amounts do not exceed available balances, and an automated means to actually create withdrawal transactions. Neither of these are free. The costs associated with withdrawals is disclosed to their customers prior to them creating an account at binance, and binance deserves to earn a profit on services it offers. Binance is one of the largest crypto exchanges, so I think it is probably fair to say the value of the services their exchange provides exceeds the costs of their overpriced bitcoin withdrawals.

While we are on the topic of fees binance charges, someone making 100 BTC worth of trades in a month is going to pay 0.1 BTC in trading fees. My guess is the profit margin on trading fees far outweighs their profit margins on withdrawal fees.

My guess is binance is paying high transaction fees because they can afford to based on how much they are charging. They are probably also trying to limit the amount of information the server that signs transactions receives. Any information a hot wallet receives is a potential attack vector.