Ethereum is so expensive! Taiwan's major exchanges have raised withdrawal fees for ERC-20 USDT and ETH.

The liquidity mining craze on Ethereum has driven the standard Gas Price to over 400 Gwei, meaning you would need approximately $3.6 to conduct a simple average-speed remittance transaction.

Taiwan's Major Exchanges Respond

In response to the recent surge in Ethereum gas fees, Taiwan's major exchanges have taken measures. MAX Exchange, starting from 2 p.m. on September 2, adjusted the single withdrawal fees to: ETH 0.007, ERC20-USDT 6U.

BitoPro Exchange has adopted a wait-and-see attitude, keeping the withdrawal fees unchanged for the time being. The fees will fluctuate based on the current gas fees, and there are no plans to announce changes in rates. According to reports, BitoPro encourages users to withdraw USDT on the Tron network and offers zero fees until September 13. 9/18 Update: BitoPro has raised withdrawal fees. 9/20 Update: BitoPro has reverted to the original withdrawal fees.

ACE Exchange announced adjustments to withdrawal fees on September 3: ETH 0.006, ERC20-USDT 6U. 9/7 Update: ACE has reverted to the original withdrawal fees.

Binance's High USDT Withdrawal Fees

As of October 20, Binance's USDT withdrawal fee has dropped to below 5.86 USDT, while ETH is below 0.005. The withdrawal fees for ETH are cheaper compared to local exchanges.

The popular exchange in Taiwan, Binance, charges a high fee of 15 U for ERC20-USDT withdrawals and 0.013 for ETH, which is significantly higher than local exchanges.

FTX, an overseas exchange with a considerable user base in Taiwan, implements a fee-free mechanism. Another exchange known for grid trading in Taiwan, Pionex, has withdrawal fees of: ERC20-USDT 5U, ETH 0.005, which are similar to local exchanges.

Currently, the liquidity mining craze has caused Ethereum gas fees to skyrocket, leading centralized exchanges to adjust fees. Many funds have also flowed out of exchanges and into decentralized trading platforms.