Tradesatoshi shutting down.

As seen on their twitter page,
https://tradesatoshi.com/ will be terminating all their services on March 1 2020 00:00 UTC.

As they claim, their board of directors has decided that they won’t be able to continue operating further, due to the economic difficulties they are facing in this bull market.

This is highly unusual since bull markets attract more users, which means more money from their high trading and withdraw fees.

Some people would believe they were operating on fractional reserve.

Tradesatoshi urges all its users to withdraw their cryptocurrencies from their exchange until March 1st, 00:00 UTC and tell them not to deposit any funds on the exchange since those funds won’t be credited into their balances.

After given date, no user will be able to withdraw any funds from the platform.

Tradesatoshi was known as a non-respectable exchange, due to their illicit practices of removing coins from their exchange without any notice, rejecting users’ KYC documents without any reason, and not letting users withdraw their coins, because of “Wrong documents”.

Many cases have been reported that users would even get IP banned, so they can’t access their accounts and get an explanation.

This user shows in a screenshot that he’s not able to withdraw his 0.58XX bitcoin from tradesatoshi:

WTF Why aren't you letting me take my Bitcoin? @TradeSatoshi pic.twitter.com/gbH3hE47w0

— Rhett [#800cc] (@Rhett800cc) February 20, 2020

user @Maphalala_T asking them how can he withdraw his $136.85 (at the time of writing this post), while clearly their BTC wallet isn’t allowing him to do so.

How can we do withdrawal when your system is not allowing us pic.twitter.com/0B5CfVYImW

— Thembisani Maphalala (@Maphalala_T) February 20, 2020

Isn't this an exit scam?

The announcement leads to a website under maintenance mode page plus less than 2 weeks grace to withdraw funds combined with a compulsory KYC before withdrawal.

Someone should tell me why this doesn't look like an exit scam.

— CryptoSorted (@crypto_sorted) February 20, 2020

I have account whose withdrawal options are not highlighted. Your support said that I need to update kyc but I had already completed my kyc and it has been approved by your side too. Kindly let me withdraw my coins. Please provide solutions.

— Bebaak_balwinder (@BalwinderBebaak) February 20, 2020

The user below says he tried to complete the required KYC 2 months ago, but he had no luck, so he’s not able to withdraw his funds.

We are trying to complete kyc from 2motnhs,
Now how can we withdraw our fund from exchange within 10dayss
Plz aloww all uss withdrawal without kyc plzz kindly reqq

— Kashyap Powale (@KashyapPowale) February 20, 2020

If you have any funds on tradesatoshi, please withdraw ASAP.
If you know anyone using the exchange, please inform them so they can take action right away.

The original post from their blog:

Dear users,

We must inform that the board of directors of Tradesatoshi.com has decided to close the exchange.
 

Unfortunately it is no longer economically feasible for us to continue provide the required level of security, support and technology. 
 

Please do not deposit! Deposits will no longer be processed.
 

We highly recommend that those users pending verification start the process as early as possible.
 

Tradesatoshi.com will terminate all services on March 1 2020 00:00 UTC.
 

Kind regards,

Tradesatoshi.com

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