A cryptocurrency exchange, Trade Satoshi has taken a vital decision to permanently shut down all trading activities, citing incapability to satisfy the needs of its customers in terms of funds security and others.
The bold step taken by the cryptocurrency exchange attracted the commendation of the CEO of Binance exchange, Changpeng Zhao, popularly known as CZ Binance.
The resigning exchange made this known via its official trading website and Twitter handle a couple of hours ago. This has since attracted reactions from cryptocurrency community members.
According to the report shared by the exchange, users of the exchange are to withdraw all their funds before 1st March 2020 at 00:00 (UTC). Users are also instructed to refrain from making deposits as such will no longer be processed.
The exchange shared this, “Tradesatoshi is closing down. Read the announcement for details. Please make sure all withdrawals are completed before March 1, 2020, 00:00 UTC. Please do not deposit! Deposits will no longer be processed.”
CZ Binance Reacts to the Bold Step Taken By Trade Satoshi
The CEO of Binance exchange, Changpeng Zhao also reacted to the situation confronted by Trade Satoshi, since he’s an integral part of the system.
In his tweet, CZ Binance gestured contentment to the decision of Trade Satoshi to close down. He said it will be improper for the exchange to continue when the security of customers’ funds is no longer guaranteed.
He wrote this, “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.”
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
Users of the exchange are implored to read the detailed message as shared by Trade Satoshi on its official website:
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.
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.