Binance Earns More Than $20,000 per Day Overcharging on Transaction Fees

If you are a regular Binance user, you are probably well aware that the cryptocurrency exchange charges a 0.0005 BTC withdrawal fee, irrespective of the size of the withdrawal or network fee requirements.

The 0.0005 BTC withdrawal fee is currently around 33 times higher than the average fee required to ensure transactions are mined on the next block.

Binance uses a process known as payment batching in order to reduce transaction fees to a bare minimum. By squeezing as many outputs as possible into a single transaction, Binance is able to cut transaction fees by as much as 80%. Binance also opts to maintain a legacy input address, which actually makes payment batching more cost-effective than a SegWit address. Read More...