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BlockFi Ends Free Withdrawals for Some Coins, Citing High Ethereum Network Costs


www.coindesk.com 24 November 2021 19:20, UTC
Reading time: ~2 m

Cryptocurrency lender BlockFi will move to a rate-based withdrawal fee structure beginning Dec. 1, ending free withdrawals, citing “increasing transaction costs on the Ethereum network.”

BlockFi said in a Twitter post that this 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 this will incur fees that vary by coin.

The company added that stablecoin withdrawals are always free through an ACH bank transfer, and the company doesn’t expect to profit from any withdrawal fees.

Read more: Ethereum’s Fees Are Too Damn High 


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