TradeSatoshi, which was launched in 2015, is a crypto-to-crypto exchange. The crypto exchange has now decided to shut the platform down. This would cease all the trading related activities of the platform. The crypto exchange announced its decision on its official Twitter handle as well as on its official trading website yesterday. On the exchange’s website, they announced:
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 to provide the required level of security, support, and technology.
Exchange is probably one of the hardest businesses to run. One of the toughest part of is economy of scale. Without scale, you can't invest on security and many other essentials. And it won't make sense to continue.
I hope everyone's funds are SAFU in this case. https://t.co/CiH2T1bZTn
— CZ Binance 🔶🔶🔶 (@cz_binance) February 20, 2020
The reason behind this decision 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. This news has come as a shock to many has attracted all sorts of reactions.
Some may view this decision as calling it quits in a negative light, but the same earned a very different comment from Changpeng Zhao, aka CZ, the CEO of Binance crypto exchange. On his official Twitter handle he shared his views on this matter:
Exchange is probably one of the hardest businesses to run. One of the toughest parts of it is the economy of scale. Without scale, you cannot invest on security and many other essentials. And it won’t make sense to continue. I hope everyone’s funds are SAFU in this case.
The crypto exchange- TradeSatoshi has requested all of its users to withdraw all of their funds before the 1st of March 2020 at 0000 HRS UTC. Further, the crypto exchange has suggested the users not to make any further deposits as the new deposits will not get processed. In addition, the exchange has recommended finishing any pending verification as soon as possible, wherever needed.
CZ being an integral part of the system, shared his view on the situation, In his views, the decision is a hard decision but is the need of the hour as the priority is and should be the satisfaction of the customers. Running a crypto exchange in such a competitive environment is very difficult, and when the security of the customer’s funds can’t be guaranteed, shutting the platform makes sense.