Tradesatoshi Cryptocurrency Exchange to Shut Down

UK based cryptocurrency exchange “TradeSatoshi” has made an announcement stating that the platform is closing down by March 1st. The exchange has been operating since 2015.

According to TradeSatoshi’s announcement, the reason for shutting down is that the exchange is not able to satisfy the customers’ needs when it comes to the security of the funds and other related issues.

The exchange also warned the users not to make any new deposits. Tradesatoshi won’t process any such deposits. Tradesatoshi has also requested it’s users who haven’t completed their KYC (Know your Customer) verification process till now to complete it immediately in order to withdraw their funds.

Some users have reported that the AML/KYC process might take as long as two months to complete, and that compliance is impossible before the deadline. Some have reported that they’re unable to withdraw funds even after meeting the additional AML/KYC requirements.

While some other users have reported that they’re unable to withdraw funds despite the fact that ave already completed the KYC process.

Trade Satoshi was launched in late 2015 and it is headquartered in London, UK. According to CoinGecko, the exchange 24 hours trading volume is 12.98 BTC ($153,212). Trade Satoshi currently support exchange supports 150 cryptocurrencies and 506 market trading pairs.

The exchange became popular because of the lower trading limits, low listing fees and it’s friendly chat box where you can live chat to other traders from all over the world.