New York-based bitcoin exchange Coinsetter has instituted a new $65-per-month account fee, a move it says is aimed at offsetting its compliance costs.
When reached for comment, the exchange confirmed the new fee and that proceeds would be used to defray compliance costs.
"The cost of maintaining smaller accounts is too expensive in the current environment," CEO Jaron Lukasiewicz told CoinDesk, acknowledging that the move would likely cost Coinsetter its retail customer base:
Accounts will be charged $65 on 1st December, but the exchange said that it would offer refunds to customers that choose to withdraw their balances next month.
Coinsetter said it informed users yesterday of the policy change.
The exchange framed the account fee as part of a broader shift toward an institutional trader-based customer makeup.