Bitstamp backtracks on ‘inactivity fee’ charges News ▸ Luxembourg ▸ Exchanges
Bitstamp backtracks on ‘inactivity fee’ charges
Bitstamp CEO said the community reaction to the inactivity fees charges forced a rethink of the decision.
1 min read
Updated: Jul. 7, 2022 at 2:41 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
According to Bloomberg, Luxembourg-based Bitstamp is backtracking on its plan to introduce a €10 “inactivity fee” for its users, citing a statement from the firm’s CEO JB Graftieaux.
According to the CEO’s statement, Bitstamp’s community reaction to the charges prompted a rethink of the initiative.
Graftieaux reportedly said,
“We have heard the response from our customers to the inactivity fee. We have taken everyone’s concerns on board and have decided to cancel. Listening to our customers is part of our service DNA.”
A statement on Bitstamp’s website reads,
“All our customers can continue to use and enjoy all our services regardless of the balance of your accounts and time passed from your previous activities.”
Bitstamp had earlier said its decision to introduce the fees was to “save cost.” However, this drew the ire of the crypto community, who said the decision was against the tenets of crypto.
Meanwhile, Bitstamp trading volume has declined by over 20% within the last 24 hours to around $165 million, according to CoinMarketCap data.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitstamp
Bitstamp is a European-based cryptocurrency marketplace that allows people from all around the world to buy and sell cryptocurrencies.