based in Luxembourg cryptocurrency exchange Bitstamp announced on Wednesday that it is canceling its plans to charge inactivity fees amid backlash from customers.
Exchange CEO Made a Statement on the Subject
The CEO of the company, JB Graftieaux, said in a statement on the subject:
“We have taken into account the reactions from our customers to the inactivity fee. We took everyone’s concerns into account and decided to cancel.”
“Listening to our customers is part of our service DNA,” the CEO added.
The company said on Friday that it plans to start charging 10 euros per month for accounts with a balance of less than 200 euros and that have not had any activity in the previous 12 months. In this statement, the stock market said that keeping inactive accounts under the records is a costly process.
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In its new statement, the crypto exchange said that while acknowledging the current troubles in the crypto markets, customers should not worry about the financial condition of the company, and that it does not have any exposure to any of the companies that are currently in a difficult situation and are the subject of the news.
With the downward wave in the crypto market, there was a decrease in the amount of income from transaction fees, which is one of the most important income sources of exchanges. However, many crypto exchanges terminated some of their employees in order to cut costs and canceled the transactions of their new employees.
The market drop is thought to come after the Terra ecosystem collapsed in early May, causing a $40 billion decline.
*Not investment advice.