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Bitstamp backtracks on ‘inactivity fee’ charges Bitstamp backtracks on ‘inactivity fee’ charges

Bitstamp backtracks on ‘inactivity fee’ charges

Bitstamp CEO said the community reaction to the inactivity fees charges forced a rethink of the decision.

Bitstamp backtracks on ‘inactivity fee’ charges

Cover art/illustration via CryptoSlate

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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