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❕NEWS Japanese exchange halts withdrawals when Ethereum fees rise

aryan4

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Liquid, one of the cryptocurrency exchanges, announced that it has temporarily suspended ETH withdrawals due to the rise in transaction fees with the increase in price and demand on ETH.
In the statement made yesterday by the exchange, it was reported that ERC-20 tokens and ETH withdrawals were temporarily suspended due to the increase in Gas fees and the service will be resumed when the Fees return to normal levels.
What do you think about this practice that stock markets do not usually do?
 

aryan4

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I knew that the ETH project officials were reducing the transaction prices with an update. But I must be wrong, I think this update has not been done yet. I hope the necessary updates will be made to reduce these high fees as soon as possible.
 

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I guess the gas fees have even gone up more than usual to make the exchange site decide to suspend withdrawals but I think it should have been subjected to users' wishes. If they can afford the fees, then, why not allow them make withdrawals?
 

aryan4

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I guess the gas fees have even gone up more than usual to make the exchange site decide to suspend withdrawals but I think it should have been subjected to users' wishes. If they can afford the fees, then, why not allow them make withdrawals?
Yes you are right, I have never looked at the news from this point of view. Normally, once the client accepts this, there should be no problems. Maybe there are other details that we do not know.
 

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This is one of the problem of transacting with ethereum, the cost of transaction called gas fees sometimes gets so high that the transactions become too expensive to carry out. Suspending the withdraws of eth and related tokens may not solve this problem long term.
 

BullyMaguire

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I don't think it's good for Ethereum at all, people are now avoiding transaction using eth because of the high fees, this might hold the Eth's price rise
 

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I guess the gas fees have even gone up more than usual to make the exchange site decide to suspend withdrawals but I think it should have been subjected to users' wishes. If they can afford the fees, then, why not allow them make withdrawals?
I agree. I can understand that they want to protect their users but it always makes me somewhat uncomfortable when an exchange tampers with the withdrawal process.
 

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ETH gas fees always remain high, now perhaps it is too high and nobody can afford it, that is why Liquid Exchange did this. I am not worrying about it, but if transaction stops, price will drop, just like it did last time.
 

Emoney

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That's kinda bad for the people who want to withdraw their earning after the recent ethereum spike. Hopefully other exchanges in Japan don't do such thing.
 

Brain

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Well, this has been sometimes the downside of the rise on coins prices . The transaction or gas fees skyrocket as well, making room for inability of people to withdraw or make transactions
 
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