Korea's virtual asset exchange Bithumb will apply a withdrawal fee of up to 1% for some coins starting next month. Users are expressing dissatisfaction, saying the fees are excessively high.
On the 9th, according to the virtual asset industry, Bithumb announced it will change how it operates withdrawal fees for some listings starting on the 4th of next month. Major listings such as Bitcoin and Ethereum will keep the current per-transaction fixed fee, while some listings with low trading volume will move from free to a proportional (variable) fee of up to 1%.
This fee adjustment follows the end of the lowest withdrawal fee guarantee that has been in effect since Aug. 5, 2024. For virtual assets to which proportional fees apply, after implementation next month, advance notices will be issued at 10 a.m. on Fridays based on data as of midnight every Thursday, and the fees will take effect at 10 a.m. the following Monday.
Users push back, saying Bithumb's fee change goes too far. At exchanges other than Bithumb, fees are charged on a per-transaction flat-rate basis, and the rates are lower than 1%. Some users suspect the exchange is applying excessive fees to avoid losing existing customers to rival platforms.
A Bithumb official said, "This fee adjustment is intended to secure market stability by introducing safeguards for listings with high price volatility," and added, "We will separately provide guidance on the listings for which withdrawal policies will change and the applicable fee rates."