Tradesatoshi Cryptocurrency Exchange Shutting Down On March 1 2020

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Tradesatoshi
Tradesatoshi
  • Tradesatoshi made an announcement stating that the platform is closing down.
  • The reason for this shut down as given in the blog, states that the organization cannot keep itself afloat.
  • Tradesatoshi has also requested the users who haven’t completed their verification till now to complete them immediately.

Tradesatoshi made an announcement stating that the platform is closing down. Tradesatoshi was launched back in 2015 and has become quite popular over the past four years. It surprised a lot of people when they tweeted that the platform is shutting down, followed by an official announcement on their webpage.

In a blog post made on the website, they wrote that the board of directors at Tradesatoshi has concluded that the platform must be shut down. So, the exchanges have been suspended, and the website will be pulled down shortly.

The reason for this shut down as given in the blog, states that the organization cannot keep itself afloat. They can no longer provide the level of security and support that is needed for the platform to function properly.

They have also warned the users not to make any new deposits. Tradesatoshi won’t process any such deposits. Tradesatoshi has also requested the users who haven’t completed their verification till now to complete them immediately. Such users need to start their verification process as soon as possible.

In the end, they have mentioned the time and date for the closure of the platform. It will be pulled down on 1st March 2020 at 12 AM UTC.

When asked about his opinion over Tradesatoshi shutting down, Binance CEO Changpeng Zao said,

“The stock market is probably one of the most difficult jobs to continue. One of the most difficult aspects is the economy of scale. Without doing this, you cannot invest in security and many other issues, and there is no point in continuing. I hope everyone’s money is safe in this case.”

Tradesatoshi was one of those exchange platforms that were more focused on altcoins such as LTC, ETH instead of the goto Bitcoin. Its shut down might not affect the value of these currencies, but it might force future platforms to focus more on Bitcoin.

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