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Bitstamp Walks Back on Plans to Charge Users a Monthly Inactivity Fee

  • Last week, Luxembourg-based Bitstamp announced a 10 euro inactivity fee in effect starting August 1.
  • Backlash on social media prompted the platform to refrain from putting the inactivity fee into action.
  • A month ago, Bitstamp listed Shiba Inu (SHIB) after continual requests by the SHIB Army.

There’s a thin line between greed and fear in these volatile crypto market conditions, as proven today by Bitstamp, one of the biggest crypto exchanges in Europe. Just last week the crypto platform disclosed plans to charge a 10 euro fee for their non-US customers who haven’t been active for the past 12 months.

Despite trying to rub it in on their blog, Bitstamp received immense backlash from their users on social media, with people pouring out their anger on Twitter and saying all this would do is just encourage Bitstamp’s customers to move their crypto holdings somewhere else. Some of the dissatisfied users said they would go as far as deleting their accounts.

The inactivity fee would have drained the inactive Bitstamp accounts 10 euros a month, provided the balance is less than 200 euros. Despite taking the u-turn on a decision that many crypto enthusiasts see as a mistake, Bitstamp still has to sail through the hardships of the crypto winter. This is evident by trading volume stats, as the company’s trading volume fell 2x in the last 60-day period compared to the previous period.

Bitstamp Recently Included Shiba Inu (SHIB)

In spite of the stone throwing on social media, Bitstamp’s “you spoke, we listened” catchphrase on the recent blog post does make sense. Exactly a month ago, the Luxembourg-based crypto exchange listed Shiba Inu (SHIB) on their platform, opening doors for probably the biggest community in the current crypto world.

At press time, Shiba Inu (SHIB) is trading at $0.00001055, which is 2% more than 24 hours ago. Moreover, the recent price marks a fortnightly bullish trend for SHIB, as the popular dog-themed meme coin has gained 8.9% in the last two weeks.

Ever since Shiba Inu (SHIB) deleted a zero, the meme coin received a lot of praise on social media. Shytoshi Kusama, the lead developer, recently announced major upgrades, including a new exclusive SHIB Ecosystem token $TREAT.

Why You Should Care

Due to the crypto winter, many crypto exchanges around the world are making adjustments to their terms and conditions as well as laying off staff. For traders, now it’s an extremely important time to keep track of changes around the platforms.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.