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Is everything fine with Binance?

Credit: Hulacoins

Looks like the world’s biggest crypto exchange, Binance was having trouble with Ethereum (ETH) and its token-based transactions.

As per the tweets, the exchange is experiencing heavy network congestion which is why it has suspended ETH transactions for awhile.

ETH transactions were extremely congested on the exchange leading to high gas fees. Some folks started criticizing the platform for purposely choking ETH’s network. However, that would be highly unlikely further cemented by the image below.

Credits: CZ Binance’s Twitter Account

The rumor can be further countered by the fact that Binance has been the single largest gas spender. According to an image from Nansen AI, from February 12 to 18, Binance has spent about 5,000 ETH in gas fees only.

It could be said in that Binance is pushing Ether costs upward and more so to attract volume to its smart chain. However, Binance has also promoted blockchain interoperability in this case. Moreover, Binance hasn’t cut-off taps to Ethereum. This all makes the argument about Binance clogging Ethereum counterintuitive.

Also, Binance has resumed withdrawals of ETH and other ETH-based transactions.

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