Late last week Coinbase Pro has confirmed and communicated to all its customers that Withdrawal fees will no longer be covered by the exchange itself effective on the day of communication 17th September 2020.
Whilst Coinbase Pro has already offloaded the fees on some cryptocurrencies prior to 17th September, it certainly did not yet for Etherum. Soo.. what has pushed Coinbase to execute this change so promptly ?
In general the answer would be the growing gas fees, however there was one other spectacular event happening on 17th of September 2020 which Coinbase most likely could foresee. That was the sweet Mother of all Airdrops of UNI tokens, having people rushing to claim and cash out their $1,200 reward rocketing the gas fees to new monthly highs.
In general the push of the fees from exchanges to users is not something abnormal in recent times, however the speed and importance through which Coinbase Pro has pushed it through has resulted with some customers reporting issues of the withdrawals on the day and general issues around the lack of gas fees adjustments.
- Coinbase Cosmos (ATOM) Staking
- Coinbase now supports instant withdrawal in the US & EU
- Coinbase goes live with MakerDAO campaign