Bitstamp Inactivity Fee Canceled After Customer Response

The crypto exchange had said it would be charging small, non-active accounts 10 euros per month.

By Michael Bellusci

Jul 6, 2022 at 7:01 p.m. UTC

Updated Jul 6, 2022 at 8:49 p.m. UTC

GPS u-turn — Bitstamp reversed course. (Peter Hermus/Getty images)

Michael Bellusci

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Follow @mikeybellusci on Twitter

Luxembourg-based cryptocurrency exchange Bitstamp axed plans to charge an inactivity fee after hearing from customers, it said Wednesday.

“We have heard the response from our customers to the inactivity fee," said CEO JB Graftieaux in a statement. "We have taken everyone’s concerns on board and have decided to cancel."

"Listening to our customers is part of our service DNA," the CEO added.

The company said Friday it planned to begin charging 10 euros per month for those accounts with a balance of less than 200 euros and which had not shown any activity in the previous 12 months. "Keeping inactive accounts on the books is a cost," said Bitstamp at the time.

While acknowledging current headwinds across crypto markets, the exchange said Wednesday that customers shouldn’t be concerned about its financial position, noting it has "zero exposure" to any of the companies currently under stress and in the news.

Read more about

Bitstamp Crypto Exchange Fees Liquidity

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.