Tradesatoshi Exchange Says it Will Shutdown From Next Month
Considerably, the cryptocurrency market has been on the bull track, attracting more users and traders into the market. However, many digital currency exchanges have hard times to keep up with services and technical maintenance, which is forcing them to leave the market.
Beginning from March 1, 2020, 00:00 UTC, Tradesatoshi, a cryptocurrency exchange that focuses on trading Bitcoin (BTC) and altcoins, will cease to exist. It is terminating all services and the exchange altogether.
The board of directors of Tradesatoshi decided to take down the exchange, saying it was no longer economically feasible for them to continue providing the support, technology and required level of security.
Tradesatoshi: Exist Scam?All users of the exchange have been advised not to make any deposit henceforth, as it won't be processed any longer. It also urged users pending verifications, to start the process as soon as possible.
However, most of the users complained on Twitter that the exchange refused to verify their KYC data, so they are unable to withdraw or transfer all their funds out from the exchange. A few others with verified KYC were still not able to withdraw funds.
"I have an 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," one of the users said.This development led to questions among the community, whether it is an exit scam.
Meanwhile, Changpeng Zhao, the CEO of Binance, one of the largest and profitably operating crypto exchange, tweeted on the development, saying:
"Exchange is probably one of the hardest businesses to run. One of the toughest parts of this is the economy of scale. Without scale, you can't invest in security and many other essentials. And it won't make sense to continue. I hope everyone's funds are SAFU in this case."
About The Author
Ibiam WayasIbiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.
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