Bitstamp backtracks and cancels plans to charge inactivity fees

Bloomberg – Crypto exchange Bitstamp has canceled its planned “sleeping fee,” Retraction only five days after the announcement of the fee.

The Luxembourg-based company has canceled a plan to start charging non-US users 10 euros ($10.18) per month on accounts they have not traded with.or assets have been deposited, withdrawn or wagered for a year with a total balance of less than €200, a third-party spokesperson confirmed in an email to Bloomberg Wednesday.

“We have taken everyone’s concerns into account and have decided to eliminate the inactivity fee,” Bitstamp CEO JB Graftieauz said in a statement, citing customer feedback.

Trading volume fell to less than $60 million in the days following the announcement, coinciding with the weekend in the US.Since then, the stock market’s volume has risen to $170 million in the past 24 hours, according to data from Coingecko.

Bitstamp confirmed that it has no exposure to any company currently “under stress”. The company also said it keeps its customers and cryptocurrency separate from the company’s assets.

Coinbase Global Inc. (COIN) and other exchanges have investors withdraw their tokens as deposits drop, while smaller players such as Coinflex and Vauld have paused withdrawals. In response to market uncertainty and rising interest rates, Risk-averse investors have shifted their holdings to offline wallets.