Bithumb to introduce percentage-based withdrawal fees, drawing user criticism

South Korean crypto exchange Bithumb has announced an adjustment to its withdrawal fee structure, drawing criticism from its user community. The exchange announced on April 3 that its "Lowest Withdrawal Fee Compensation Program," which has been in place since Aug. 5, 2024, is ending. Consequently, Bithumb will apply a percentage-based fee for withdrawals of certain low-volume assets, scheduled to take effect at 1:00 a.m. UTC on May 4. While the specific assets have not yet been disclosed, the exchange will apply a fixed fee of up to 1%. The list of affected assets will be determined based on data from midnight every Thursday KST (3:00 p.m. UTC) and will be applied the following Monday at 10:00 a.m. KST (1:00 a.m. UTC). In response, users have criticized the move, with some arguing that a percentage-based fee is difficult to justify for blockchain transfers and suggesting the change represents a step backward for the exchange's services.