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.

Nov 24, 2021 at 6:23 p.m. UTC
Updated Nov 24, 2021 at 6:33 p.m. UTC

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.

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.

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Michael Bellusci is CoinDesk's crypto payments reporter.