Bitstamp has announced that it will charge an inactivity fee to account holders who have balances under $200 and haven’t been online or transacting money in the past 12 months.
The company detailed the plans in a recent blog post. The new measure will charge around $12 per month and comes into effect on August 1.
To avoid the fee, traders are required to deposit, stake or trade using the Bitstamp platform. Failure to do so will result in the fee being applied to their accounts.
The company said that most of its customers will not be impacted by this fee, and it will only apply to customers who are adding costs to the platform because it must continue maintaining their accounts.
“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”, the company explained in a statement to appease consumers.
Mainstream banks apply such fees if their clients do not use their debit or credit cards, for example.
As the cryptocurrency market continues to slide and companies feel the heat of diminishing returns, companies across the entire sector have felt the heat.
Core Scientific, one of the biggest crypto mining companies, revealed that it has been selling up Bitcoin to cover its debt and crypto lenders such as Vauld and Celsius Network have been unable to guarantee normal operation to consumers.