Bitstamp backs away from monthly inactivity fee under community pressure

The cryptocurrency exchange Bitstamp has decided not to introduce from August 1 a monthly fee for certain inactive account holders.

📣 We are not implementing the monthly €10 inactivity fee. 

Thank you for speaking out, you have been heard. 

And we’ve changed course as a result.  

Read more 👇 https://t.co/SqXmYyaeSY

— Bitstamp (@Bitstamp) July 6, 2022

Earlier, platform representatives warned that they would start charging €10 per month from clients who had not traded, deposited or withdrawn assets for a year, and whose balance was under €200.

Bitstamp’s decision drew a wave of criticism from the community. Some Twitter users called the move disappointing.

This is so disappointing BitStamp

-It’s actually pathetic.

You’re charging the lowest holders approx 5% of their account balance so they are “forced” to trade or stake with you!!??

How is this even legal 🤯
https://t.co/DeBicjMIF3

— Crypto Bitlord (@crypto_bitlord7) July 3, 2022

Others noted that ‘desperate times require desperate measures’. One member of the community said he had first encountered an ‘inactivity fee’.

#Bitstamp used to be one of the best exchanges between 2011-2017.

This is the first time I have seen such an “inactivity fee” on accounts.

Desperate times call for desperate measures. @Bitstamp

Bitstamp lost the exchange race once its founders cashed out in 2018.

💩💩💩 pic.twitter.com/f16E02WIPq

— Duo Nine | YCC (@DU09BTC) July 1, 2022

Bitstamp representatives said the company does not intend to deviate from its goal — to be a safe and reliable platform.

«Thank you for speaking up, we heard you. As a result we have changed course. […] Clients can continue to use all services regardless of balance and the time elapsed since the previous activity», the statement said.

In April, Bitstamp asked customers for information about the provenance of their crypto assets. Users reported that the exchange had blocked withdrawals for EU customers who had not confirmed the provenance of their deposits.

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