Re: Binance is spamming mempool

I believe that the image is actually showing the Minimum Withdrawal amount, not the Withdrawal fee, which on the Bitcoin network is 0.0002 BTCs (3,39 $).

Ive gone over some of the recent achieved pages on TheWayBackMachine, and at least since May 2022, BTC fees are the same on the Bitcoin Network (no so on other chains):

https://web.archive.org/web/20221113214837/https://www.binance.com/en/fee/cryptoFee
https://web.archive.org/web/20221006095230/https://www.binance.com/en/fee/cryptoFee
https://web.archive.org/web/20220813163621/https://www.binance.com/en/fee/cryptoFee
https://web.archive.org/web/20220512162950/https://www.binance.com/en/fee/cryptoFee

I rechecked Binance website and you're correct. It looks like Binance doesn't show whole column if your browser width is too small and they didn't "freeze" the column name which caused mistake. The actual fee are 0.0002BTC for "Bitcoin" and 0.0005BTC for "BTC(SegWit)". Even so, it's still rather expensive and discriminate towards user who have SegWit address.

Withdrawal fees increases, or decreases in Binance depending on network congestion, and because it is said that Binance is spamming the mempool, causing congestion, I change me opinion. It wouldn't be truly paranoid to say that they're doing it on purpose to stop a bank run. But we don't want another bank run. It's probably good to slow everything down for a few days and stop make everyone calm.

Quote

For each withdrawal, a flat fee is paid by users to cover the transaction costs of moving the cryptocurrency out of their Binance account.

Withdrawals rates are determined by the blockchain network and can fluctuate without notice due to factors such as network congestion.

https://www.binance.com/en/fee/cryptoFee