Bitstamp, one of Europe's largest and the world's oldest cryptocurrency exchanges, announced that a monthly fee will be charged for dormant accounts. In the statement made by the exchange, it was announced that keeping inactive accounts on the record is a cost and that they have to charge fees from inactive accounts in order to continue providing quality service to their customers.
According to the new rule, which will come into effect from August, users with an account balance of less than 200 euros and who have not traded, withdrawn, deposited or staked for the past 12 months will be charged 10 euros per month. While the monthly transaction fee is considered to be a very high amount, it seems that the crypto exchange is trying to keep its users active in this way.
Cryptocurrency exchanges' biggest source of income is the commission fees they get from trading cryptocurrencies. In this period dominated by the bear market, trading volumes remained low, while the revenues of crypto exchanges decreased. On the other hand, major crypto exchanges predict their trading volumes to drop further in the coming months.
Bitstamp is changing its fee policy to keep its users active while trying to protect their income with its latest decision. The European crypto exchange also took different steps to increase the trading volume of the platform. For example, last month it decided to list the Shiba Inu, which has a large community.
Bitstamp's decision to charge dormant accounts is not the first in the industry. Cryptocurrency and stock trading platform eToro has a similar app. In addition, FTX, one of the largest stock exchanges in the world, has focused on derivative markets, stocks and options trading in order to increase its user base by following a different path.
Bitstamp, which has the title of the largest exchange in Europe, is the 12th largest exchange in the industry with an average daily trading volume of 167 million dollars according to the latest data. In the ranking, Binance is by far the first with a daily trading volume of 11 billion dollars, while FTX follows Binance with a trading volume of $ 1.86 billion in the last 24 hours. Just behind FTX is Coinbase, which has $1.5 billion in daily transactions.