The events have pushed Binance to seriously consider implementing LN. 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 Lightning Network is currently under discussion,” the Huobi spokesperson said.Īccording 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.ĭespite relatively expensive BTC withdrawal fees, Binance has still experienced major issues with withdrawals amid the ongoing “memepool” congestion recently. Huobi has also not implemented Lightning yet as well. The current withdrawal fee is 0.001 BTC,” a spokesperson for Huobi told Cointelegraph on May 11. “On-chain withdrawal fees are increased due to BTC network congestion. KuCoin’s current Bitcoin withdrawal fees are similar to those implemented on other exchanges like Huobi or Binance. “With regard to implementation of Lightning Network, KuCoin has not yet deployed LN, however we will actively monitor the market and make adjustments if needed.” “As of this moment, our withdrawal fee is between 0.00002 and 0.001 BTC and the minimum withdrawal amount is 0.0005 BTC,” the spokesperson stated, adding: The adjustment is based on the amount of actual processing fees on the chain, so that Kraken is “compatible with the market situation,” the representative noted. Kraken isn’t the only exchange that has adjusted BTC withdrawal fees amid the ongoing memecoin trading frenzy though.Ĭrypto exchange KuCoin uses dynamic adjustment for BTC withdrawal fees and minimum withdrawal amounts, a spokesperson for the firm told Cointelegraph on May 10. The platform also implemented LN in 2022 though. OKX declined to comment on whether the exchange will increase withdrawal fees due to skyrocketing Bitcoin transaction costs. The minimum withdrawal amount is 0.001 BTC, or $27. Crypto exchange OKX charges between 0.00096 BTC ($26) up to 0.00192 BTC ($53) for a Bitcoin withdrawal, a spokesperson for OKX told Cointelegraph. Kraken’s public withdrawal fees are significantly smaller than those of other major exchanges.
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Adopted by Kraken in March 2022, the LN option allows users to withdraw BTC from the platform free of charge.īitcoin withdrawal fees and minimum withdrawal amounts on Kraken. The support manager also advised customers to consider using Lightning Network (LN) as an alternative.
The minimum BTC withdrawal amount on LN also significantly differs from non-Lightning BTC, starting from as low as 0.00001 BTC, or less than $1.
According to the data, Kraken charges 0.00035 BTC, or about $10, for a Bitcoin withdrawal, with a minimum amount of 0.0005 BTC, or $13. Kraken’s representative also referred to the company’s public list of cryptocurrency withdrawal fees and minimum withdrawal amounts.
“This helps ensure withdrawals are processed on-chain in a timely manner,” the support manager noted. The United States-based exchange Kraken has increased Bitcoin withdrawal fees to match the current fees on-chain, the company’s customer support manager wrote on Reddit on May 10. Amid the ongoing spike in Bitcoin (BTC) transaction fees, some cryptocurrency exchanges have moved to adjust the cost of withdrawing BTC from their platforms.
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