Bitstamp to implement inactivity fee for non-US customers

The crypto exchange will implement a €10 per month fee for inactive customers

Bitcoin and candlestick chart                                 
Bitcoin and candlestick chart – Photo: Getty Images
                                

Bitstamp, the world's longest-running cryptocurrency exchange, will impose an inactivity fee on its customers from 1 August 2022.

The exchange stressed the fee will not apply to US customers or those who it deems to be “active”. Active customers, according to Bitstamp, include people who have “traded, deposited, or withdrawn, or staked assets with Bitstamp Earn, in the preceding 12 months”.

Bitstamp Earn is the part of the exchange’s platform that allows users to earn crypto rewards for staking assets for a set amounts of time.

For accounts that don’t meet these criteria, the inactivity fee will be €10 ($10.17, £8.55) a month.

Less than €200

The fee will also only apply to customers who have a total balance that is less than €200 (£170, $203).     

Bitstamp advised the three key ways to avoid the fee are: selling or buying crypto with the minimum purchase set at $25/£25/€25, making a deposit or withdrawal in fiat or crypto with the minimum deposit being $25/£25/€25, and staking your assets in Bitsamp Earn.

Most Bitstamp customers will not be affected by the inactivity fee, said the company, but it added: “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 partners with esports organisation Immortals

In February 2022, Bitstamp announced a three-year partnership with Immortals, the professional esports organisation.

This made Bitstamp a founding partner and the official cryptocurrency exchange of Immortals. The partnership also enables Immortals to “explore future crypto integrations and non-fungible token (NFT) activations”.

Both companies said they want the partnership to be an educational opportunity, through which fans can learn more about crypto and how to explore and interact with Web 3.0.

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