Crypto exchange Bitstamp has announced a new rule which states that it will start levying a €10 fee on some inactive accounts.
The new rule will not be applicable to the US based customers.
Crypto exchange Bitstamp will be levying a €10 inactivity charge on some of its users. As per a blog post published by the firm, the new charge will affect specific people who have less than $200 funds in their accounts, alongside the fact that they have not deposited, traded, or staked funds with the platform in the last 12 months.
Bitstamp Will Now Levy €10 Fees On Inactive Accounts
Per the recent blog post, the new rules set by the exchange will go into effect from August 1 onwards. However, the new changes will not affect its US customer base.
“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 for us to continue providing great services to all our customers, we made the hard decision to implement the Inactivity Fee.” The post was later added.
The blog further shared additional information related to their new inactivity fee rule adding that active Bitstamp customers will not be charged at all, whatever their balance may be.
“On August 1, 2022, If you have traded, deposited, withdrawn, or staked assets with Bitstamp Earn, in the preceding 12 months, you’re not affected by the charge at all. It doesn’t matter if your total balance is above or below €200, you’re an active customer.”
The blog also states that the customers who have more than $200 in their accounts will not be charged a €10 inactivity fee.
In addition to this, the blog also shared three conditions through which users can avoid paying the €10 inactivity fee. To do so, a user must purchase or sell crypto (the minimum amount to buy crypto is EUR/USD/GBP 25) or he must deposit fiat or crypto (minimum deposit of fiat in EUR/USD/GBP 25).
The third condition states that a user can avoid paying the inactivity fee if he decides to stake his assets in Bitstamp earn.
Several users took to Twitter to respond to the news of Bitstamp levying a €10 fee on inactive accounts. Plenty of customers were documented expressing their dissatisfaction with the exchange’s new rule, and were contemplating whether they should leave Bitstamp and opt for a robust crypto wallet to store their funds in the long run.