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Bitstamp Inactivity Fee Canceled After Customer Response
The crypto exchange had said it would be charging small, non-active accounts 10 euros per month.
Updated May 11, 2023, 5:44 p.m. Published Jul 6, 2022, 7:01 p.m. 1 min read
Luxembourg-based cryptocurrency exchange Bitstamp axed plans to charge an inactivity fee after hearing from customers, it said Wednesday.
“We have heard the response from our customers to the inactivity fee," said CEO JB Graftieaux in a statement. "We have taken everyone’s concerns on board and have decided to cancel."
"Listening to our customers is part of our service DNA," the CEO added.
The company said Friday it planned to begin charging 10 euros per month for those accounts with a balance of less than 200 euros and which had not shown any activity in the previous 12 months. "Keeping inactive accounts on the books is a cost," said Bitstamp at the time.
While acknowledging current headwinds across crypto markets, the exchange said Wednesday that customers shouldn’t be concerned about its financial position, noting it has "zero exposure" to any of the companies currently under stress and in the news.
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The company bought 111,942 ether last week worth $237 million, ramping up purchases to take advantage of ETH's drop below $2,200.
What to know:
- Bitmine Immersion bought 111,942 ether (ETH) last week, its largest purchase since December, bringing its holdings to nearly 5.4 million tokens.
- Chairman Tom Lee said the firm is accelerating purchases to take advantage of ether’s pullback below $2,200 and expects to reach its goal of controlling 5% of the supply...
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