A crypto wallet operating on behalf of Binance spent 530 Ether (ETH), worth approximately $843,797, in just 24 hours, according to Etherscan.

On September 21, gas fees on the Ethereum network increased from a minimum of 6 gwei, approximately $0.17 per transaction, to a maximum of 332 gwei, approximately $11.2 per transaction. This increase in gas prices was attributed to the Binance wallet called "Binance 14".

Community members voiced their opinions about the huge gas fees the exchange charges. Web3 investor Belinda Zhou called Binance engineers “incompetent” and said they set gas allocation too high.

Adam Cochran, partner at Cinneamhain Ventures, believes the unusual gas fees are the result of inadequate APIs. Criticizing Binance's technology, the executive doubted the exchange's ability to keep "hundreds of billions of dollars of money safe across multiple protocols."

On the other hand, Binance reportedly implemented wallet consolidation when gas fees were low to ensure the safety of user funds.

Cointelegraph requested comment from Binance but did not immediately receive a response.

Binance has consistently been on critics' radar during its legal battle with the U.S. Securities and Exchange Commission. On September 21, the CEO of the crypto exchange, Changpeng Zhao, denied a report that he borrowed $250 million from BAM Management. According to Zhao, the loan went the other way around and he lent the funds to the company.