Bitstamp Inactivity Fee Canceled After Customer Response
The crypto exchange had said it would be charging small, non-active accounts 10 euros per month.
Jul 6, 2022 at 7:01 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/2YRX7RZAKRCBLGFJMCTQIXUJKA.jpg)
Bitstamp reversed course. (Peter Hermus/Getty images)
Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.
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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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.
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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.
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