Bitfinex is taking a step towards making its customers happier, especially following the court incidence which is ongoing. The exchange is lifting its high frequency/size fiat withdrawal fees. According to an announcement on its Bitfinex website, all verified users will pay a standard fee of 0.1% of withdrawal amount for fiat withdrawals moving forward.
A way to make users happy?
Bitfinex had earlier today in a Twitter post said the reason for removing the frequency/size fees is to “once again provide our loyal users with low-cost fiat withdrawals.” The exchange had in November 2018 introduced high fees for high frequency and large size transactions. Since then, a 3.0% fee was charged on all external wire withdrawal requests exceeding more than 2 fiat withdrawals in any thirty day period and/or more than $1M in aggregate in fiat withdrawals in any thirty day period.
from tomorrow 22nd May however, the new standard fiat withdrawal fee of 0.1% of all eligible withdrawal amounts from $60 will take effect by 8:00 UTC. This should be a major relief for the exchange’s users who have had to go through so much following the lawsuit against in April.
Update on the court case
Bitfinex has been in court since 24 April when the New York Attorney-General sued the exchange for allegedly taking funds from Tether to cover up a loss of $850 million in users’ funds. Bitfinex through its attorneys later filed a motion in court saying the case was putting too much pressure on its activities and its users were suffering. Bitfinex customers reportedly withdrew a total of 30,000 BTC and at least 1 million USDT at the time.
Is it possible that the new fee arrangement may be an effective incentive to win back customers who withdrew their funds and maybe left the exchange to return? Details of the fee breakdown will be available tomorrow.
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A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu