Luxembourg-based crypto exchange Bitstamp has abandoned intends to charge a regular monthly fee on inactive users with low balances after massive backlash in the community.
The exchange announced today that they’re scrapping the concept, saying:
“After hearing our community’s response, we’ve altered course. There won’t be any inactivity fee.”
Bitstamp announced a week ago that, beginning August 1, they’d charge non-US customers who’d balances of under EUR 200 a ten-euro fee every month when they had not been active during the last 12 several weeks.
The inactivity fee was met with a wave of critique in the community people.
“This really is so disappointing BitStamp. It’s really pathetic. You’re charging the cheapest holders approximately 5% of the balance so that they are “forced” to trade or stake along with you!!?? How’s this even legal,” a very common Twitter user requested.
“Inactivity fee may be the lamest factor I’ve ever seen,” another user stated, who also claimed they’ll stop while using platform.
Nonetheless, this isn’t the only real instance in which a crypto service needed to change course after backlash in the community lately.
In mid-June, Solana (SOL)-based borrowing and lending service Solend needed to scrap plans to consider within the protocol’s largest account following the crypto community belittled the concept, noting it contradicts the “decentralized” nature of crypto.
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Find out more:
– Inactivity Fee on Bitstamp
– Bitstamp Clarifies Inactivity Fee Policy
– Coinbase Ranks Top Among Crypto Exchanges, ‘Oligopoly’ Seen on Horizon
– 7 in 10 Retail and Institutional Investors Intend to Buy More Crypto, Bitstamp Survey Finds
