As TradeSatoshi shuts down, Binance CEO admits running an exchange is hard

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With hundreds of cryptocurrency exchanges to choose from, you'd be forgiven for not having heard of TradeSatoshi.

This initially UK-registered exchange has been around since 2015.

No exchange incorporated in the UK would be allowed to operate with no KYC in place.

Where exactly the exchange is currently based is something of a mystery.

Widespread account freezes and dubious-looking KYC requirements saw users flock away from the exchange in droves.

According to the company website, users have until March 1 to claim any funds from the exchange.

TradeSatoshi is urging all users to make no new deposits to the exchange as they will not be processed.

The company also cites that the growing cost of "Security, support and technology" has forced the exchange to shut down operations.

Exchange is probably one of the hardest businesses to run.

As yet another exchange bites the dust, cryptocurrency users are reminded once again: Be careful where you trade and make sure your funds are SAFU-preferably in a secure wallet in your own control and not sitting on an onerous exchange.

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