Gemini Exchange to Stop Providing Free Crypto withdrawals from June 15

Key Takeaways

  • Users will have to pay dynamic or flat fee to engage in crypto withdrawals from June 15
  • Dynamic fee would be applied to withdrawals of ETH and ERC-20 tokens
  • Gemini Dollar(GUSD) to be excluded from the fee

Leading Cryptocurrency exchange firm Gemini Exchange to stop providing free crypto withdrawals from June 15. According to an email sent to Gemini users, the latest development entails users getting subjected to a dynamic or flat fee when they send crypto to an external wallet/exchange.

The exchange stated that a dynamic fee would be applied to withdrawals of ETH and ERC-20 tokens. Gemini Dollar(GUSD) will, however be excluded from the fee. The company added that any withdrawal apart from ETH and ERC-20 tokens would incur a flat fee. A flat fee refers to an amount that is charged or paid that does not change according to the amount of work done or the number of times something is used.

Dynamic fee pricing, as the name suggests, is flexible as the price changes according to the level of demand. The exchange stated that it would strive to be more transparent as it works towards unlocking the next era of financial, creative, and personal freedom.

Gemini exchange has been facing a plethora of reputation damage-worthy charges lately. Earlier this week, IRA Financial Trust, a platform providing self-directed digital asset retirement and pension accounts, Gemini for alleged negligence in safeguarding customers’ digital assets during a critical exploit.

Earlier this year, a breach led to the siphoning of $36 million in crypto assets from customers’ accounts via unauthorized withdrawals. IRA claims a mastery key existed for clients’ accounts with the ability to bypass all built-in security measures. Gemini has, however, rubbished these allegations as false.

The United States Commodity Futures Trading Commission (CFTC) also recently filed suit against Gemini Trust Co. for making false or misleading statements to the CFTC in 2017 during in-person meetings and in documents, violating the Commodity Exchange Act. Apart from this, Gemini recently made headlines when it acquired an electronic money license to provide financial services in Ireland.

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Saniya Raahath

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