Ethereum High Fees Make BlockFi Increase Withdrawal Requirements
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Cryptocurrency lender BlockFi is updating its withdrawal fees citing the increasing transaction costs on the Ethereum network. According to a tweet, ether (ETH), chainlink (LINK), pax gold (PAXG), uniswap (UNI), and basic attention token (BAT) will move to a "rate-based withdrawal fee structure and no longer support free withdrawals."

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Users could still get at least one free withdrawal per month for bitcoin (EXANTE: Bitcoin), litecoin (LTC), or stablecoins. However, after using the free withdrawal, any other withdrawals will have a fee that depends on a coin: bitcoin 0.00075 BTC, litecoin 0.001 LTC, and for stablecoins — $50.

BlockFi claims the company does not intend to "profit off any withdrawal fees." Changes will be reflected on the website starting December 1, 2021. According to data by BitInfoCharts, an average transaction on the Ethereum network costs approximately $40. This is much higher than in July when the average transaction cost $3-5 in fees.

SEC Aims at BlockFi Over High-Yield Crypto Accounts: Report

Earlier in November, Citadel Securities CEO, Kenneth Griffin praised the so-called "next-generation cryptocurrencies" like ether (ETH) saying they are more acceptable in terms of every day payments. While it remains unclear what other cryptocurrencies fit Griffin's definition, he says these coins will have benefits of "higher transaction speeds and lower cost per transaction."

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