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.
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.
They are actually legally registered in Hong Kong. I posted a search I had done earlier in the thread after someone posted that they were struck off on the UK register.
They were already registered in HK before they were struck off. So it appears to be a deliberate move to a new jurisdiction.
Tradesatoshi Ltd is incorporated in Hong Kong according to its terms:
https://tradesatoshi.com/Home/Terms
It is currently a registered company in Hong Kong according to the register.
https://www.icris.cr.gov.hk/csci/
I'm not sure where it was incorporated prior to this. It is likely that it moved its operation to Hong Kong prior to its de-registration in the UK.
Coinmarketcap shows a turnover of $91k
https://coinmarketcap.com/exchanges/trade-satoshi/
With a buy 0.1% and sell 0.1% fee that would make $182 daily in fees
But they also charge for listing coins, tipping slots and airdrops.