Cryptocurrency lender BlockFi will move to a rate-based withdrawal fee structure beginning Dec. 1, ending free withdrawals, as it cited “increasing transaction costs on the Ethereum network.”
BlockFi said in a Twitter post that the move will apply to ethereum, chainlink, PAXG, uniswap and BAT. As for bitcoin, litecoin and stablecoins, BlockFi noted that customers will continue receiving one free withdrawal per month. Additional withdrawals beyond that will incur fees that will vary by coin.
The company added that stablecoin withdrawals are always free through an ACH (Automatic Clearing House) bank transfer and it doesn’t expect to profit from any withdrawal fees.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.