Are Ethereum transactions killing Binance?

• CZ has recently taken to Twitter to reveal that platforms are experiencing losses as a result of the humongous gas fees on the Ethereum network.

• CZ and his exchange is the home of many Cryptocurrency transactions all over the world. 

CZ, the chief executive officer of the Binance crypto platform has recently taken to Twitter to reveal that Cryptocurrency platforms are continuously experiencing losses that could potentially continue as a result of the humongous gas fees on the Ethereum network.

CZ and his exchange is the home of many Cryptocurrency transactions all over the world. This can include Ethereum. These kinds of transactions have left many crypto platforms in a bad state as the losses keep adding up after every withdrawal. 

The CEO made it clear that withdrawal fees may be changed if this continues in order to help alleviate this problem. This could mean that fee charges might increase for many users on the platform. On Twitter, CZ said of the following:

The high ETH network gas fees is causing problems for most exchanges, running with $10-20 loss on each withdrawal.

Will have to adjust our withdrawal fees sooner or later. 😂

— CZ Binance (@cz_binance) September 1, 2020

Fighting this point, the CEO of Blockstream, Adam Back responded to CZ on Twitter saying:

or, you could use the solution... @Liquid_BTC as @bitfinex recently reduced their L-BTC and L_USDt fees to zero. (from 0.0004btc = $5). network cost 1-2c or less due to 0.1sat/vbyte. there are issuers for and wraps for L-ETH, etc. fast (1-2min), confidential transaction, better. pic.twitter.com/vW1T1VSeNI

— Adam Back (@adam3us) September 1, 2020

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!