Tradesatoshi - BEWARE! Blocking without reasons. - page 13.

DiHunter

member

Activity: 154

Merit: 28

Quote from: Lanatsa on March 13, 2019, 03:13:28 PM

This is the reason why I don't really leave my tokens pending or hanging on an exchange for a long time because
of these kind of scenarios which anytime they can really make such changes on an instant or if they do wanted to.
They can make alibis or reasons for you to comply KYC thing.It sucks when you are in the situation which you don't have any
choice since those token of yours are hanging there.

So, true. Very unpleasant situation, when you can't do anything to get back your funds.

Lanatsa

hero member

Activity: 2968

Merit: 687

This is the reason why I don't really leave my tokens pending or hanging on an exchange for a long time because
of these kind of scenarios which anytime they can really make such changes on an instant or if they do wanted to.
They can make alibis or reasons for you to comply KYC thing.It sucks when you are in the situation which you don't have any
choice since those token of yours are hanging there.

DiHunter

member

Activity: 154

Merit: 28

Quote from: Crypto Girl on March 12, 2019, 01:03:40 AM

Why you choose to use that, anyway? I mean we have tons of good sites but you still chose that. Honestly, I didn't even dare to use that site since my friend warned me and even my token got listed there, I just wait for another site than to deal with it.

Btw, what happened on the other mail that you use? Do they respond?

You're right, there are many quality exchanges. But there was coin, which had chosen this exchange as first for listing, so i was trading with this coin there.
Seems, they even unblocked my main e-mail or fixed their error, so i was able to send a support request, but got just a standard answer:

Quote from: slaman29 on March 12, 2019, 02:56:01 AM

And from their email, it looks like they consider themselves a financial institution now?

Yeah, seems so)

One guy pointed me at this: https://beta.companieshouse.gov.uk/company/09878766
I'm not sure whether it means something, so i'll just leave it here.

slaman29

legendary

Activity: 2674

Merit: 1226

Livecasino, 20% cashback, no fuss payouts.

This is really quite strange, I've always seen tradesatoshi as one of those small exchanges where you could do anonymous sends and withdrawals. With the amount of shitcoins there it's really a surprise that they are suddenly asking members to do KYC, and after all, the funds are yours. They shouldn't accept it in the first place.

And from their email, it looks like they consider themselves a financial institution now?

Crypto Girl

sr. member

Activity: 980

Merit: 294

Why you choose to use that, anyway? I mean we have tons of good sites but you still chose that. Honestly, I didn't even dare to use that site since my friend warned me and even my token got listed there, I just wait for another site than to deal with it.

Btw, what happened on the other mail that you use? Do they respond?

DiHunter

member

Activity: 154

Merit: 28

Hi.
Beware! They can block your account at any time without any reasons!

I was using Tradesatoshi for trading on one single coin pair for about 3-4 months. To be honest, my real trades were months ago. And last 2 months i had only orders for sale, because the price fall and i was waiting for the devs to launch MNs. So all i did - was checking from time to time the price on the trading pair.
And two days ago, i have logged into my account and got the message:

Quote from: DiHunter on March 18, 2019, 04:27:20 PM

The main problems with this exchange have to do with the fact that they are not accountable to anybody for anything. They aren't a registered business, they don't have any sort of licensing, and nobody knows where the owners or operators are located.

They started demanding KYC from all users after their company was dissolved, which is beyond weird. If they're not a real company, why do they need KYC? They aren't reporting to any government, they're not paying taxes; they're just a rogue operation who depend on either the loyalty of their user base (rapidly dissipating) or the naivete of new users to keep them going.

TradeSatoshi is down to $46k in trading volume per 24 hours; at a 0.1% fee this means they are only making $46 per day on trading fees. As huge withdrawal fees wasn't working in their favor, I believe they had to resort to the sudden KYC-for-everybody manuver as means to generate additional revenue. Plus, as I mentioned before, reputable exchanges don't use this as an excuse to with-hold customer funds and block them out of their accounts, even if it says they could according to their terms and conditions.

Its just bad business all the way around and potential users need to be warned about their practices.

Topic: Tradesatoshi - BEWARE! Blocking without reasons. - page 13. (Read 4029 times)