Chinese cryptocurrency journalist Wu Blockchain said in his post today that Binance, the world's largest cryptocurrency exchange, pays a high amount of gas fees for its transactions.
Accordingly, Binance paid 530 ETH, or nearly $1 million, in gas fees during its transactions.
The gas fee on the Ethereum mainnet increased from 6 gwei ($0.17) to 332 gwei ($11.2).
It was stated that this was due to the large number of transactions in the 'Binance 14' wallet, while Binance said that it was due to wallet aggregation to facilitate users' withdrawal transactions and ensure the security of funds.
Binance responded that it was doing the wallet aggregation process when gas fees were low, in order to facilitate users’ withdrawals and ensure the safety of funds.
— Wu Blockchain (@WuBlockchain) September 21, 2023
*This is not investment advice.
