Dear 8V Users,
Thank you for your continuous support of 8V Exchange. To provide better service to our users, we will implement a new policy - 'Inactive Account Management Fees'. The fees are the service fee for 8V to manage inactive accounts. As inactive accounts increase the operation cost of the platform and cause inefficiency, 8V aims to solve this issue by implementing the new policy. Please find more details below.
What are Inactive Account Management Fees?
8V's inactive account management fees are a straightforward concept, which are similar to the monthly inactive account management fees charged by financial institutes such as banks, investment platforms and crypto exchanges. Considering different users' needs and situations, 8V's inactive account management fee scale is carefully evaluated. We will charge the fee if you do not conduct any transaction or activity for more than a month. The 10 USDT inactive account management fee will be charged monthly. If you do not conduct any transaction, the platform will continue to charge the fee till your account becomes active again.
- All accounts that meet the following conditions will be categorized as inactive accounts.
- Starting from the implementation of the new policy, if your account meets the definition of inactive account for 30 days in a row, 8V will charge the inactive account management fee on the 31st day. The fee is 10 USDT each month, and the billing cycle is 30 days. You will be charged again on the 61st day if your account remains inactive.
- The definition of inactive accounts:
- the accounts that do not conduct any activity for 30 days in a row including “deposit and withdrawal (external)”, “spot trading”, “futures trading”, “margin trading”, “earn products”, “mini-games”, “OTC”, “buy crypto with any credit card”; or holding effective futures, leverage transactions or earn products.
- The accounts that merely conduct activities including login, internal transfers and sending red envelopes will be categorized as inactive accounts if they meet the definition above.
Mechanisms and Examples
Fee mechanism and examples
1. Today, May 15, 8V officially notifies customers that the account management fee for inactive accounts will take effect
2. From the date of notification on May 15th to 30 consecutive days is the observation period. Accounts that meet the conditions for 30 consecutive days are defined as "inactive accounts". The 35th day (T+5) is June 20 The "Monthly Inactive Account Fee" will be charged to the account on
3. If the account has USDT, the system will deduct USDT as the account management fee first, until the balance is 0, or becomes an active user status; if the total available balance of the account is 0, no account management fee will be deducted; if the account If the user has non-USDT assets, the fee will start from the currency with the highest balance, and the amount of currency equivalent to the account management fee will be deducted, and the exchange rate will be calculated based on the USDT equivalent at the time of deduction
4. If the account continuously meets the inactive account conditions from the 31st to 60th day (T+30), the account management fee will be charged from the account on the 65th day (T+35), and so on
5. In order to avoid time zone problems, all calculations are based on the system time 00:00-23:59
8V Exchange aims to increase the efficiency of the platform and provide better user experience by implementing the new policy. If there is any question, please feel free to contact our online customer service staff.
8V.com is committed to providing high-quality products and services for our users!
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