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Here’s how exchanges adjust Bitcoin withdrawal fees

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Amid the ongoing spike in Bitcoin (BTC) transaction fees, some cryptocurrency exchanges have moved to adjust the price of withdrawing BTC from their platforms.

America-based alternate Kraken has elevated Bitcoin withdrawal fees to match the present fees on-chain, the corporate’s buyer assist supervisor wrote on Reddit on Could 10.

“This helps guarantee withdrawals are processed on-chain in a well timed method,” the assist supervisor famous.

Kraken’s consultant additionally referred to the corporate’s public checklist of cryptocurrency withdrawal fees and minimal withdrawal quantities. Based on the information, Kraken prices 0.00035 BTC, roughly $10, for a Bitcoin withdrawal, with a minimal quantity of 0.0005 BTC, roughly $13.

Kraken Help on rising BTC fees. Supply: Reddit

The minimal BTC withdrawal quantity on the Lightning Community (LN) additionally considerably differs from non-Lightning BTC, ranging from as little as 0.00001 BTC, lower than $1.

The assist supervisor additionally suggested prospects to think about using the Lightning Community instead. Adopted by Kraken in March 2022, the LN possibility permits customers to withdraw BTC from the platform freed from cost.

Bitcoin withdrawal fees and minimal withdrawal quantities on Kraken. Supply: Kraken

Kraken’s public withdrawal fees are considerably lower than different main exchanges. Crypto alternate OKX prices between 0.00096 BTC ($26) and 0.00192 BTC ($53) for a BTC withdrawal, a spokesperson for OKX instructed Cointelegraph. The minimal withdrawal quantity is 0.001 BTC, or $27.

OKX declined to touch upon whether or not the alternate will improve withdrawal fees as a result of skyrocketing Bitcoin transaction prices. The platform additionally applied the LN in 2022.

Nonetheless, Kraken isn’t the one alternate that has adjusted BTC withdrawal fees amid the continuing memecoin buying and selling frenzy.

Crypto alternate KuCoin makes use of dynamic adjustment for BTC withdrawal fees and minimal withdrawal quantities, a spokesperson for the agency instructed Cointelegraph on Could 10. The adjustment is predicated on the quantity of precise processing fees on the chain in order that KuCoin is “suitable with the market scenario,” the consultant famous.

“As of this second, our withdrawal price is between 0.00002 and 0.001 BTC, and the minimal withdrawal quantity is 0.0005 BTC,” the spokesperson acknowledged, including:

“With regard to implementation of Lightning Community, KuCoin has not but deployed LN, nevertheless, we are going to actively monitor the market and make changes if wanted.”

KuCoin’s present Bitcoin withdrawal fees are just like these applied on different exchanges like Huobi or Binance.

Associated: Coinbase calls Pepe a ‘hate symbol,’ prompting calls to boycott the exchange

“On-chain withdrawal fees are elevated as a result of BTC community congestion. The present withdrawal price is 0.001 BTC,” a spokesperson for Huobi instructed Cointelegraph on Could 11. Earlier than the rise, the unique BTC withdrawal price was 0.0004 BTC ($11), the consultant added. Huobi has additionally not applied Lightning but. “The Lightning Community is presently underneath dialogue,” the Huobi spokesperson mentioned.

Based on public info, Binance additionally prices 0.001 BTC ($27) as a BTC withdrawal price, whereas the minimal withdrawal quantity is 0.002 BTC, roughly $55.

Regardless of comparatively costly BTC withdrawal fees, Binance has skilled main withdrawal points amid the continuing mempool congestion not too long ago. On Could 8, Binance was forced to halt withdrawals twice in 12 hours, with 400,000 transactions caught within the Bitcoin mempool. The occasions have pushed Binance to seriously consider implementing the LN.

A number of exchanges, together with Coinbase, Bybit and Crypto.com, didn’t reply to Cointelegraph’s request for remark.

Journal: Asia Express: Justin Sun’s SUI-farming sins, PEPE’s wild run, 3AC’s oyster philosophy