Cryptocurrency trading platform Trade Satoshi has taken the decision to permanently close all its trading activities.

Where it indicated the inability to meet the needs of its customers with regard to the security of funds and others.

It is worth noting that Trade Satoshi was previously known for speculative operations in anonymous or immersed cryptocurrencies.

The daring move by the cryptocurrency exchange drew praise from Binance CEO Zhang Bing Zhao, also known as CZ.

The “Trade Satoshi” platform had previously announced on its Twitter account that it was preparing to close its activities:

Tradesatoshi is closing its doors.
Read the ad for details.https://t.co/GjSwwllxhT
Please ensure that all withdrawals are completed before March 1, 2020 00:00 UTC.
Please do not deposit! Deposits will no longer be processed. pic.twitter.com/4xxt2ZOa9P

Read:Gemini announces partnership with MasterCard to launch a Crypto Credit Card…Details here

– Satoshi trading (@trade satoshi) February 20, 2020

The decision attracted many different reactions from the crypto community.

According to the report published by the platform, users of the platform are required to withdraw all their funds before March 1, 2020 at 00:00 (UTC).

Users are also asked to refrain from making a deposit, which will not be processed.

Binance founder’s reaction

Changpeng Zhao reacted to the situation faced by Trade Satoshi with his tweet expressing the brave decision to shut down when users’ funds are at risk.

Where he stated:

Cryptocurrency exchanges are perhaps one of the most difficult activities when it comes to managing.

Trading volume is the mainstay of every platform.

Investing in security techniques to protect investor funds and many other necessities cannot be overlooked, and it would not make sense to continue.

I hope everyone’s money is in SAFU in this case.

Platform users are prompted to read the detailed message that has been made posted it From “Trade Satoshi” on its official website, which carries the following:

Read:The pros and cons of the central bank digital currency “CBDC” according to the Federal Reserve

Dear user.

You should know that the Board of Directors of Tradesatoshi.com has decided to close the platform.

Unfortunately, it is no longer economically viable for us to continue to provide the required level of security, support and technology.

Please do not deposit cryptocurrencies! New deposit will not be processed.

We highly recommend that these users start waiting for the verification process as soon as possible.

Tradesatoshi.com will terminate all services on March 1, 2020, 00:00 UTC.

Therefore, we recommend, on our part, on the Arab Bitcoin website, the necessity of immediate action from Arab users and withdrawing their money from this platform, which is about to be closed.

Read also:

Founder of the exchange platform FCoin: We are unable to pay 7,000 to 13,000 BTC to customers

What “secrets” are cryptocurrency exchanges hiding from users?