Bitstamp cryptocurrency exchange has decided not move forward with the inactive fees plan.
JB Graftieaux, Bitstamp CEO, stated in a press release that “we have taken all of your concerns into account and have decided to cancel any inactivity fees.” Our service DNA includes listening to our customers. Bitstamp has been a trusted trading platform that offers industry-leading services. We don’t intend to change our course.
Bitstamp decided to end the inactivity fees plan after customers expressed concerns, The Block reported.
The Luxembourg-based exchange was in existence earlier. announced It will begin charging users with inactive accounts a monthly fee of 10 euros per month starting August 1.
The company announced that charges would apply to customers with less than 200 EUR in their accounts, except those who are based outside the United States.
The crypto exchange previously stated that customers had expressed concerns about the blog explaining how the inactivity fee plan was implemented. The inactivity fee was proposed at a time when trading volumes are declining on crypto exchanges around the world.
According to The Block most exchanges make their money by charging fees for trading volumes. These fees have fallen along with the price of cryptos over the past year. Block shared data showed that volume across exchanges has fallen from $2.2 trillion (May 2021) to $622 billion (June).