Gemini gets rid of free withdrawals


So I got an email that reads as follows:

Hi there,In the coming days, we will be making some changes to our withdrawal fee schedule. Effective Wednesday, June 15, crypto withdrawals from the Gemini platform (ie. when you send crypto to an external wallet or to another exchange) will be subject to a dynamic or flat fee.

Dynamic fees will apply to withdrawals of ETH and ERC-20 tokens (except 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. The flat fees for non-Ethereum crypto withdrawals can be found HERE.

Network fees

These fees are not intended to generate revenue for Gemini. These fees will be used to cover the network fees paid to blockchain miners for your withdrawal transaction. Miners process crypto transactions and secure the network on which those transactions are processed.

On the Ethereum network, network fees are known as gas fees and are paid in ETH. Gas fees vary over time and by activity, with complex smart contracts and code requiring more gas.

What’s even dumber is the “HERE” link in the second paragraph, points to their CURRENT fee schedule which has 10 free withdrawals per month.

So you can’t even see what the NEW FEES are going to be and a list of which coins are covered by the new fees. For example, are OTHER COINS also going to be hit with fees?

submitted by /u/ChiTownBob
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