Coinsetter charges fees for setting up new accounts due to Bitcoin taxes

     New York-based bitcoin exchange Coinsetter has instituted a new $65 monthly account management fee in a move aimed at offsetting its tax enforcement costs.

    In an email to users, Coinsetter told them that the move was made because of the increasing costs of holding bitcoin accounts on exchanges in the U.S. The new fees will be charged starting December 1.

     The Exchange confirmed the new fees and that the proceeds would be used to pay for tax enforcement expenses.

    “It’s just too expensive to maintain smaller accounts in the current environment,” CEO Jaron Lukasiewicz told CoinDesk, acknowledging that the move could take a toll on Coinsetter’s retail customer base:

    “This charge is necessary to cover the increasing costs of holding a Bitcoin account in the U.S. We expect most retail traders to withdraw their funds and move to another exchange.”

     The exchange will charge each customer $65 on December 1, but the exchange said it will provide funds to customers who choose to withdraw their account balances.

Coinsetter said it notified its users of the change in exchange policy yesterday.