Leading cryptocurrency exchange firm Gemini will stop providing free crypto withdrawals starting June 15, according to an email sent to the platform’a users.
The exchange stated that dynamic fees will now be applied to withdrawals of ETH and ERC-20 tokens, elbut not on the Gemini dollar (GUSD). The dynamic fee will correspond to Ethereum gas fees, which vary based on network activity. Any crypto withdrawal from the Gemini platform that’s not ETH or an ERC-20 token will instead incur a flat fee.
New York-based Gemini is a cryptocurrency exchange and custodian that allows customers to buy, sell, and store digital assets. It was founded in 2014 by Cameron and Tyler Winklevoss and in June 2016, Gemini became the world’s first licensed ether exchange. Currently, it operates in the United States, Canada, the United Kingdom, South Korea, Hong Kong, and Singapore.
Gemini has also been facing a plethora of damaging charges lately. The Commodity Futures Trading Commission on June 2 announced it has filed a complaint against Gemini for making false or misleading statements of material facts or omitting to state material facts to the CFTC in connection with the self-certification of a bitcoin futures product.
The crypto withdrawal suspension isn’t taking place in isolation, however, as crypto lending platform Celsius (CEL) recently paused all of its withdrawals and swaps in the early hours of Monday morning, causing its token to plunge by more than 70% in one hour.