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

The crypto lender said it doesn’t expect to profit from customer withdrawal fees.

By Michael Bellusci
AccessTimeIconNov 24, 2021 at 6:23 p.m. UTC
Updated May 11, 2023 at 7:08 p.m. UTC
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Cryptocurrency lender BlockFi will move to a rate-based withdrawal fee structure beginning Dec. 1, ending free withdrawals, as it cited “increasing transaction costs on the Ethereum network.”

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

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    • The company added that stablecoin withdrawals are always free through an ACH (Automatic Clearing House) bank transfer and it doesn’t expect to profit from any withdrawal fees.

    Read more: Ethereum’s Fees Are Too Damn High

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Author placeholder image
    Michael Bellusci

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

    Follow @mikeybellusci on Twitter

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