Binance takes the high road as network validators vote for fee restructure on the main chain

Binance, one of the largest cryptocurrency exchanges in the world, has been rapidly improving its stock as a prominent organization handling various virtual assets. The company has also been launching several new projects such as the launch of the new Binance DEX. The launch of Binance Launchpad laid down the way for other crypto-projects, most recently the harmonyprotocol project, which was received positively after its introduction.

Changpeng Zhao, CEO of Binance, recently announced that Binance DEX had re-adjusted its fees and lowered them.

According to a Binance community blog, after the recent surge recorded by BNB, validators of the network proposed and collectively voted that the fee structure should be lowered and at press time, most of the fees were slashed by almost 50%.

The changes were implemented on the first block that would be active after 13th June 00:00 [UTC].

One of the major benefits of the current development is the fact that the company will attain a higher user-friendly customer base since lowered fees will incentivize more people to join crypto and spur faster crypto-adoption.

According to the report, the transfer fee was reduced to 0.000375 BNB from 0.000625 BNB. The burn asset fee was around 1 BNB and after the restructure, it was at 0.5 BNB. The listing fee also drastically dropped to 1000 BNB, which was at 2000 tokens before.

Other transaction fees such as IOC fee, Multi-send fee and Freeze/unfreeze fee also plummeted by 50% on the Binance Chain.

The current development should attract customers doing their business on other exchanges, where the fees are relatively higher. A lot of flak was recently directed at Hitbtc exchange after many in the Twitter community highlighted its high fees.

Twitter user, @cryptocoinsclub, had commented,

“HitBTC fees are insanely ridiculous. Also… HitBTC is a SCAM!”

Another user, @friendsRcrappy, said,

“Yup. hitbtc your fees are asinine. I no longer trade there. Another Cryptopia waiting to happen.”

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