On Tuesday, June 13th, Linden Lab announced updates to LindeX and credit processing fees, which will come into effect from Monday, June 19th, 2017.
These changes will see an increase for those purchasing Linden dollars on the LindeX and some of those paying out higher volumes Linden dollars. Specifically:
- The fee for purchasing L$ on the LindeX will increase from $0.40 (USD) to $0.60 (USD) per transaction.
- The fee structure for process credit transactions (i.e. paying real money into PayPal or Skrill accounts) will remain as a 1.5% fee with a $3 (USD) minimum, but the maximum fee per transaction will increase from $15 (USD) to $25 (USD).
The blog post explains the reasons for the increases as:
Underlying SL’s successful user-to-user L$ economy and the ability to buy and sell L$’s for real currency is a significant amount of ongoing work to ensure that everything remains compliant with applicable laws and regulations, while also preventing fraud and money laundering.
Investing in improvements to these processes and the ongoing compliance work required comes at a cost to Linden Lab, and we will be making some LindeX fee adjustments in order to share a portion of those costs with Residents active in the SL economy.
As there have been various reports of issues being experienced by some trying to cash-out, the news of the increases is unlikely to be welcomed, whatever the reasons for any delays being experience or however valid the reasons for increasing the charges.