LocalBitcoins introduces monthly custody fees for unwithdrawn funds. Withdraw ASAP.

P2P exchange LocalBitcoins that recently announced closing down has introduced monthly recurring custody fees for unwithdrawed funds in their recent change to their Terms Of Service.

"If an account with balance has bitcoin balance without request to withdraw or the account has balance and the required know your customer -information has not been provided by the account holder, a custody fee will be charged. The fee will be decided as a monthly percentage from the total value of the funds and it is counted as well as charged each month on the last day of the month. The fee’s yearly percentage is ten (10) percent OR minimum five (5 €) euros per month. The fees are paid in Bitcoin at the current market rate."

If you have funds on LocalBitcoins, withdraw ASAP.

submitted by /u/Outrageous-Advice-36
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