Coinsetter Blames Bitcoin Compliance Costs for New Account Fees
New York-based bitcoin exchange Coinsetter has instituted a new $65-per-month account fee, a move it says is aimed at offsetting its compliance costs.
In an email addressed to users and circulated on social media, Coinsetter told users that it was instituting the fee in a bid to "compensate for the increasing costs of holding bitcoin accounts in a US-based setting". The new fee is scheduled to go into effect on 1st December.
When reached for comment, the exchange confirmed the new fee and that proceeds would be used to defray compliance costs.
"The cost of maintaining smaller accounts is too expensive in the current environment," CEO Jaron Lukasiewicz told CoinDesk, acknowledging that the move would likely cost Coinsetter its retail customer base:
http://www.coindesk.com/coinsetter-bitcoin-compliance-costs-account-fees/
