Bitstamp – a crypto exchange based in Luxembourg – has put a stop to its strategy to charge inactivity fees as the platform witnessed great criticism from the consumers on this decision online. Formerly, the exchange had declared in June to implement a fee of up to €10 on its inactive consumers who have less than or equal to €200 as their account balance from the upcoming month’s start.
Inactivity Fee To Be Implemented on Aug 1st
From the 1st of August, the inactivity fee would get implemented on the consumers dealing with Bitstamp Global Ltd and Bitstamp Limited whereas August 6th would be the date for this move in the case of Bitstamp Europe S.A.’s consumers.
As per the fee schedule of the firm, an exemption would be placed for the United States-based clients in terms of proposed fees. This step was criticized on the behalf of the customers throughout the social media venues, with well-known crypto accounts along with the voices slashing plans of the exchange.
The Major Cause Was the Management Expenses Caused By the Inactive accounts
On being asked about the reason behind leaving the previously made decision of the inactivity fee implementation and if the crypto markets’ decline has something to do which the currently modified decision, one of Bitstamp’s spokespersons referred to the management expenses caused by the inactive accounts to be the chief cause at the back of the proposed inactivity charges.’
The platform had been contemplating this concept since the previous year while reiterating that the present conditions of the market were not responsible for this step.
The spokesperson asserted that turmoil had been witnessed throughout the crypto markets however mentioned that zero exposure is offered by Bitstamp to any of the respective firms, to maintain a healthy as well as resilient state position of their platform. He added that they will keep on investing in the tech as well as the other productive endeavors thereof.
Since being condemned by the community, the firm excluded the earlier declaration from the social media accounts as well as the official website thereof nonetheless Bitstamp’s page for fee schedule even now contains the inactivity fee-related details. Another confirmation made by the firm is that a few consumers had asked it to shut their accounts following the proposed fee’s declaration.
The inactive consumers (who had been in that state for up to 1 year) were compelled to sell or purchase crypto on the exchange, withdraw or deposit in crypto or fiat, or stake on the platform “Bitstamp Earn” to avoid the fee.
