Cryptocurrency exchange Crypto.com has announced that it will be introducing a £1.90 withdrawal fee for GBP withdrawals made from GBP Fiat Wallets to bank accounts, effective January 29, 2024. The company cited processing costs as the reason for the fee.
“GBP withdrawals remain free of charge until the Effective Date. GBP deposits to top-up your GBP Fiat Wallet remain free with zero-fees,” the company stated.
According to one Twitter user, the company will also charge a $4.95 per month inactivity fee.
This move has sparked concerns among some users that Crypto.com may also introduce similar fees for USD withdrawals in the future. While the company still has not made any official announcements regarding USD withdrawals, the possibility remains a concern for some.
Singaporean users say the same thing is happening with the SGD accounts.
Crypto.com did not immediately respond to a request for comment.
Recently, Crypto.com has also revealed that it will be discontinuing its institutional services in the United States, effective June 21, 2023. The exchange attributed the move to limited demand from institutional customers and challenging market conditions.
The company said that it will provide advance notice to its institutional clients and will work with them to ensure a smooth transition.
Crypto.com’s retail mobile application and platform will, however, continue to operate without interruption in the United States.
Crypto.com has launched a new product called Strike Options, introducing a feature that mimics the characteristics of binary options trading.
This service, available within the app, enables users in the United States to partake in short-term, binary options, offering the opportunity to earn predetermined amounts based on cryptocurrency prices at specific time intervals.