Bitstamp avoids plans for inactivity fees after many of the users started complaining about the proposal for a 10-EUR monthly fee so let’s have a closer look at today’s latest cryptocurrency news.
Bitstamp made a hard decision to levy a monthly fee on the inactive users with smaller balances and now it is retracing the plans. The crypto exchange announced that after a strong backlash from the community, it will be scrapping the data. The CEO JB Graftieaux said:
“We have heard the response from our customers. We have taken everyone’s concerns onboard and have decided to cancel the Inactivity Fee.”
This is so disappointing BitStamp
-It’s actually pathetic.
You’re charging the lowest holders approx 5% of their account balance so they are “forced” to trade or stake with you!!??
How is this even legal 🤯
— Crypto Bitlord (@crypto_bitlord7) July 3, 2022
The plan was to charge non-US customers that had balances of less than 200 EUR or a 10-EUR monthly fee where they hadn’t staked any assets or made any trades, withdrawals, or deposits. However, Bitstamp avoids plans for fees now as the community is complaining. The company announced the fee last week when a steep decline in the market was happening and it became one of the worst selloffs in the history of the market. In the past two months, Bitstamp saw a 47% decrease in the daily trading volume. At the time of the announcement, the company insisted that nobody loves fees but they have to continue providing great services for the customers which is why they have to implement the inactivity fee.
As recently reported, As Bitstamp continues its push into the US markets, the platform aims to introduce its Earn product to US investors. The product is available for non-US customers already and it is meant to turn into a key ETH and ALGO staking solution. The investors fund the Bitstamp accounts and collect the staking rewards and for its part, it will take on a fee on the yield customers earn. The US CEO Bobby Zagotta said that the yields are not generated via lending like other high-interest crypto accounts.
— Ghostbanned Ӿ 🇺🇦 (@Ghostbanned7) July 5, 2022
Bitstamp made sure to steer clear of offering accounts that generate yields from lending and has more work to do with regulators. The customers in Alabama, Hawaii, Idaho, Nevada, and New Jersey as well as New York and Louisiana won’t be able to take part. The list includes a few of the states which were critical of BLockFi and Celsius.
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