Nexo offers Platinum members free monthly fiat withdrawals as a compromise after criticism in May over sudden spikes to bank fees.
Lately, Nexo has come under fire for changing its policies without giving its consumers any warning. The cryptocurrency exchange put its devoted customers to the test on May 21 when it unexpectedly began charging for fiat withdrawals, sparking consumer uproar.
Nevertheless, on June 7, the firm informed its customers that Platinum members would now get one free fiat withdrawal each month, perhaps as an effort to compensate for the cost rise.
Nexo informed its users via email on June 7 that Platinum members can now choose to use their free monthly crypto withdrawal for fiat transactions instead of certain tokens, allowing them to avoid the newly implemented fiat withdrawal fee to a certain extent.
Nexo has a multi-tiered Loyalty Program with four different tiers: Base, Silver, Gold, and Platinum. A minimum holding of 10% of Nexo’s native NEXO tokens is required for users to be eligible for the Platinum tier.
A user’s loyalty tier may change over time in response to the value of their overall holdings and NEXO token balance, as a result of the unpredictable nature of crypto asset pricing.
Extending the current free monthly withdrawal benefit to encompass fiat transactions still shows some wiggle room from Nexo, even if the revised policy does not entirely reverse the recently introduced currency costs.
Following severe backlash from Platinum members in May over the price hike, Nexo has sent an olive branch in the form of a free withdrawal.
On May 21, Nexo announced an unexpected increase in fees for bank transactions, which caused a surge of user anger. Withdrawals made over FPS or SEPA cost £5 or €5, while SWIFT transfers may cost up to $25 or £25 according to Nexo’s new bank transfer pricing structure.
Nexo explained the additional fees were expenses incurred by its banking partners. The suddenness of the announcement was a major cause of concern; people were upset that the additional fees went into effect simultaneously with the announcement.
The fact that this happened weeks after Nexo imposed a 1% payback charge on their borrowing facility without informing consumers only served to heighten the anger.
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