Tradesatoshi - BEWARE! Blocking without reasons.

[DiHunter]

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:

Dear user please update your KYC details here

    You can update your KYC by update following documents
        A scan of your photo ID
        A selfie of your holding the photo ID
    Your Account must be match with that Id.

All trading actions, balance, withdrawals were blocked. Even the link to the support from inside account! lol
I logged off the account and wrote the support request about this situation. Got a standard reply:

10.03.2019, 03:51, "Tradesatoshi" <donniediamante@tradesatoshi.com>:
> Dear user,
>
> We apply the KYC procedure when we detect suspicious transactions on a client's account to make sure the funds are safe and that it's not being used for fraudulent activity. It's a common practice for the financial institution.
>
> Kind regards,
> MOD Donnie

I replied them by mail and asked to provide the evidence of  fraudulent activity or suspicious transactions, or to return my balance. After that my mail address was blocked in their support service - was trying to send another support request and got this:
https://i.imgur.com/eZV1bAi.png

Something went wrong...
problem to surviving your request.

Tried with another mail address - the support request passed through! lol

KYC was not mandatory when i was creating my account months ago. If it was mandatory i wouldn't start trading there, cause i don't want to provide my personal data to every third-rate exchange.

Moreover, if you have registered previously with a not real name: Crypto Johnny, for example - you won't be able to edit it in your profile (fields are locked: https://i.imgur.com/djgfu8O.png), so even if you will provide KYC-info it won't match with your account. So they can still deny you because: "Your Account must be match with that Id" (see above).


Tradesatoshi is a typical third-rate exchange with unknown staff behind it and questionable origin (dissolved in UK). Giving them your ID info just to trade one shitcoin to another or to btc at best (cause they don't have fiat) is not smart.

So, you see now, that you can lose access to your funds at any time.
I'm posting all this to let users withdraw their funds prior blocking and not to end up hostages of the situation. But to decide freely whether they want to pass a KYC-check or not!
Wish you luck and good trades!

update: All this thing with the problems while creating support tickets happened due to the blatant lack of professionalism of the Tradesatoshi-staff, which along with the trading tools have blocked for users the ability to create support tickets from inside their accounts:


update: check this, peeps, it's a mass blocking of accounts: https://bitcointalk.org/index.php?topic=5118992.msg50219603#msg50219603

update: How does look the exchange, which is suddenly rising the BTC withdrawal fee to the insane amount - 400 000 sat? Yes, it is Traidsatoshi. Just prior to the KYC-check. Binance takes 50K sat, Traidsatoshi - 400K, lol. Did they want to force users leave more BTC on their balances to the time when KYC started? The more BTC on the frozen balance - the greater the incentive for users to accept the KYC. Or just greediness? https://bitcointalk.org/index.php?topic=5118992.msg50245384#msg50245384

update: Traidsatoshi got scared and changed the fees, trying to calm users.  Use it, may be it won't last long.

update: Traidsatoshi had never intended to make and had not made any notifications prior KYC-check started:  https://bitcointalk.org/index.php?topic=5118992.msg50312332#msg50312332

update Just one very illustrative dialog from Traidsatoshi discord-channel, which shows what problems users have now, and the lies of tradesatoshi staff. Read it:


update: Another scam-technic from Tradesatoshi! https://bitcointalk.org/index.php?topic=5118992.msg50347951#msg50347951

update: New Tradesatoshi "low withdrawal fees" for BTC are working amazing:





Be ready to pay more, than before, lol!

update: A very good point:

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.

 

[Crypto Girl]

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?

[slaman29]

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?

[DiHunter]

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:

11.03.2019, 03:41, "Tradesatoshi" <neverbin16@tradesatoshi.com>:
> Dear user,
>
> Did you already send the required documents for KYC?if it is , our verification team will verify those documents you provided and contact you through your account registered email address.
>
> Kind regards,
> Mod Chicky

Looks like, i will loose all the amount of the coin i was trading with. Bad experience for me, but good chance not to repeat it for us all.

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.

[Lanatsa]

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]

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.

[elda34b]

So many exchanges started to force implement KYC it seems. What a bad day for their users.

They should at least allows withdrawal for people who use and register before this KYC check is implemented.

[aioc]

Thanks for posting this, you are right you can trade here even if your account is not verified, but now that they started asking KYC even to those trading low amount, it's time to look for a better exchange, I would do KYC only if I'm trading thousands of dollars I only do hundreds or even lower.

[DiHunter]

Thanks for posting this, you are right you can trade here even if your account is not verified, but now that they started asking KYC even to those trading low amount, it's time to look for a better exchange, I would do KYC only if I'm trading thousands of dollars I only do hundreds or even lower.

Sure, it makes sense only for big traders.

[CryptoCounselor]

Thanks for posting this, you are right you can trade here even if your account is not verified, but now that they started asking KYC even to those trading low amount, it's time to look for a better exchange, I would do KYC only if I'm trading thousands of dollars I only do hundreds or even lower.

Sure, it makes sense only for big traders.

Not for big traders but aswell with the small ones since we are dealing with money and we must be careful upon executing some decisions upon dealing with small time exchange.

[KryptoKai]

Small exchanges should not be requiring KYC otherwise no-one will use it. I don't think tradesatoshi has been around for 4 years so that must be a different company that was dissolved

[smyslov]

I only made one trade on that exchange that's because they are the only exchange where I can trade my coin this is a small exchange, big traders started as small traders, if they asked KYC right away without traders testing how good and safe their platform is, they will not attract more traders.

[Crypto Girl]

Small exchanges should not be requiring KYC otherwise no-one will use it. I don't think tradesatoshi has been around for 4 years so that must be a different company that was dissolved

Why not? Like if it's already a shitty exchange then it deserves to be disolve. I heard tradesatoshi way back 2017 so 4 years is not that doubtful.

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.

Seems it's legit, I read its filing history and it looks like even before the company has already some problems and on July 24, 2018, the company is dissolved via voluntary strike off.

[DiHunter]

Hi, friends.

I want to share some amazing answers from Tradesatoshi-support. I think all of you will be glad to know, that they need no evidence of our personal fraudelent activity to start a KYC-checking and to withhold our funds, lol. So here they are:

---
Sender: d* Created: 3/15/2019 8:11:59 AM

I'm asking you again to provide the evidence of suspicious transactions, fraudulent activity or etc., which have led to the KYC-verification procedure for my account. If you don't have such evidence then you're withholding my funds without grounds. ...
---
Sender: ModDonnie Created: 3/16/2019 8:47:04 AM

Hi d*,
We may ask for KYC in some cases. For example, if suspicious activity is detected by our risk scoring system, especially after hacks on trading platforms. These measures are taken in order to prevent fraud and scams. Yet we warn our customers in advance about upcoming KYC checks...
---

This - "we warn.. in advance" - is totally a lie, btw.

So, actually they have confirmed, that my deposited funds are legal and they are withholding them without any grounds, just because "somebody somewhere had hacked some trading platform", lol

Spread this info to your friends to protect them from this unfair exchange!

[DiHunter]

Hey, more amusing news. One guy, whose account was locked also, decided to send them his ID. The result was awesome:



As i said earlier, if you had not filled in your account details with the real name on the stage of registration, you won't pass the KYC: "Your ID details is different in your Account details". And the fields with name, surname, date of birth are read-only, lol. Bingo: your balance is "legally" stolen! Spread the word, please.

[DiHunter]

More users are reporting about blocking without reasons at Tradesatoshi:

On March 09, my account sudden log-out. When I re-login, it demands KYC. I couldn't access my assets and all I have is KYC request. I contacted the support, all is excuse is KYC activated whenever an account detected acnomal activities. I am thinking, been using TradeSatoshi for yrs, perhaps from the start, my activities are always same as regular routine. Nothing has changed since unless I am away for days.

People, becareful if you have significant any in TradeSatoshi, withdrawal it now before you facing same nightmare I had. TradeSatoshi is stepping into Bittrex bullshit stunt the pull yrs ago to scam users money help offset their lost. Even if you KYC it, there wouldn't be guarantee you will get your funds back because your account record been wipe clean.

I am thinking start a petition to put as many victim together file a class action lawsuits this time. That tiny amount one day might worth Ten of Thousands dollars.

https://www.reddit.com/r/Tradesatoshi/comments/a44wsx/beware_of_exchange_tradesatoshi/ei81j8p

[infinitecash]

TradeSatoshi has frozen my account with a large amount of money, and their KYC aka Keep Your Crypto takes FOREVER. There is NO guarantee of getting your funds back. NEVER use this exchange if you like money. I am fuming, and this is totally unacceptable. They must have losses to make back, so they're seizing users funds. This exchange is sketchy and their mods and operators are completely in on it. They are no help if you ask, and they will tell you the "verification team" is working on it, and they will contact you, if you ask any questions at all. But, there is no verification team to contact. There is no information about their "verification team" whatsoever and they will answer NO questions about them. There is no way to contact them and the verification status emails are no-reply. If you have any questions about verification, tough shit. You won't get any. Stay the hell away from this mess.

[DiHunter]

TradeSatoshi has frozen my account with a large amount of money, and their KYC aka Keep Your Crypto takes FOREVER. There is NO guarantee of getting your funds back. NEVER use this exchange if you like money. I am fuming, and this is totally unacceptable. They must have losses to make back, so they're seizing users funds. This exchange is sketchy and their mods and operators are completely in on it. They are no help if you ask, and they will tell you the "verification team" is working on it, and they will contact you, if you ask any questions at all. But, there is no verification team to contact. There is no information about their "verification team" whatsoever and they will answer NO questions about them. There is no way to contact them and the verification status emails are no-reply. If you have any questions about verification, tough shit. You won't get any. Stay the hell away from this mess.

Yeah, man, i know all this and this really sucks. Be ready, that they can deny you, if your account data differ from your ID.

[amnesiackid]

now they started to block users @ discord,for telling to avoid deposits

THIS IS SCAM EXCHANGE ,they hold my coins that were worth 9000$ 4 days ago.

PLEASE AVOID DEPOSITS IF YOU DONT WANT TO LOOSE YOUR MONEY.

OK,after me,and group of peoples,started collecting information about exchange,owner,also we wrote few reports to google phishing,scam service,reported to their host provider ,money(coins) were returned . but i wont remove my posts,and will not use this exchange ever again,i lost a lot of money and time because of their actions. I will remove my fraud report when they fix all their problems AND! unban all users that were banned just because they wanted their money back,at discord channel and exchange chat.

Hi, could you tell me how to report this exchange to try to recover my money please?

we did several reports here https://safebrowsing.google.com/safebrowsing/report_phish/?hl=en ,1st step ,they will contact them before closing or baning their web

next step
write here abuse@godaddy.com ,its place where their domain listed,they also will contact them,that people reporting them. http://stathunter.com/domainWhois/Whois/tradesatoshi.com

i also have some information about tradersatoshi owner. if he scamed a lot of people for a lot of money i will leave this info in open source so people can report to cyber crime.


but before that,write 1 ticket to support and ask them to push your transaction MANUAL. not 10 tickets,but one,because if you write many tickets,it will be like your ticket position in line is #1 ,mine #2,someones #3,you write to support another ticket,and you will be not #1 in line but #3,4 and etc. as many tickets you write last position you get. better go spam their trade channel and discord,and ask many why? wher eis my depo,where is my money,exchange loosing reputation,we will report you,and do this not alone,better in group.

Seems like a course of action needed once again. Who's with me?

[Zalaster]

This case looks really shitty, I have not used them and never will. I hope you lost a little bit because you will not return your funds. They will find any reasons to keep your funds until you get bored with the battle with them. I recommend that you start using exchanges without registration that do not store funds.