Bitstamp exchange laid a €10 fee on some inactive accounts.
Customers should maintain a €200 balance.
The world’s longest-standing cryptocurrency exchange Bitstamp intends to impose a monthly inactive tax on a subset of its users, in order to offset the impact of the market decline on the platform’s trading volume. From August 1, inactive accounts will be charged an inactive fee of €10 ($10.24) per month, Bitstamp sent out an email to inform the users.
Bitstamp team stated that;
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.
Bitstamp Will Charge Inactive Accounts a Fee of €10
The monthly fees of 10 euros ($10.24) will be applied to customers’ accounts who have a balance of less than €200 and haven’t traded, deposited, withdrawn, or staked assets in the last 12 months. The users who are active in all the transactions are not subject to the fee whether their total amount is more than €200 or lower than €200.
The platform disclosed three more conditions that users must follow in order to avoid incurring the €10 inactive fee. A user must either deposit fiat or cryptocurrency (the minimum deposit of fiat is EUR/USD/GBP 25) or buy or sell cryptocurrency (the minimum amount to buy cryptos is EUR/USD/GBP 25). The third requirement is users need to stake their assets in Bitstamp Earn.
The failure of so-called stablecoin TerraUSD, suspension of withdrawals by major U.S. lender Celsius Network, and the liquidation of Singapore-based crypto hedge fund Three Arrows Capital are just a few of the recent collapses that have shaken the cryptocurrency market.