Bitstamp To Charge Inactive Accounts A Fee

Bitstamp is charging inactive customers a fee to cover costs as the cryptocurrency market drags on trading volumes.

According to a blog post published on Friday, the new inactivity fee will apply to customers with balances under $200 who have not traded, deposited, or staked on the platform in the previous 12 months. The inactivity fee would be 10 euros for such users.

It is set to go into effect on August 1 and will not apply to US users, Bitstamp said:

“The majority of Bitstamp’s customers are not affected by the Inactivity Fee. Nobody loves fees (we don’t either!) but keeping inactive accounts on the books is a cost, and in order for us to continue providing great services to all our customers, we made the hard decision to implement the Inactivity Fee.”

Most exchanges make money by charging fees on trading volumes, which have fallen drastically along with crypto prices since the beginning of the year. Data from The Block shows that volumes across exchanges have declined from $2.2 trillion in May 2021 to approximately $622 billion in June. 

Crypto exchanges, which have traditionally relied mainly on trading fees as their primary source of revenue, are attempting to diversify their revenue base.

Coinbase, for example, has been piloting a new subscription service called Coinbase One, while other exchanges, including Kraken, have entered the staking market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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