TradeSatoshi, which is a crypto exchange that launched in the United Kingdom in 2015, has announced that it is closing down. However, users are crying foul.

Right off the bat, users will only have until March 1 to withdraw funds, which is less than 10 days from when the announcement was made. It is unusual for an exchange to give so little time to withdraw funds, and this is a common tactic used by past crypto exchange exit scams.

Further, TradeSatoshi says deposits will no longer be honored, but the exchange is still up and running with deposit addresses visible, which is another tactic used during past crypto exchange exit scams.

Tradesatoshi is closing down.

Read the announcement for details.https://t.co/GjSwwllxhT

Please make sure 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 — Trade Satoshi (@TradeSatoshi) February 20, 2020

Additionally, many users report that they cannot withdraw funds until they complete a verification process, but this process can take up to two months, meaning users will not even be given a chance to withdraw before the March 1 deadline is reached.

This is yet another common tactic seen with past crypto exchange exit scams, where users who already have funds on the exchange have their funds locked up, with the exchange unexpectedly demanding to know your customer (KYC) and anti-money laundering (AML) information.

Literally, TradeSatoshi has seized numerous user’s funds with a surprise identification process, and they will shut down before users have a chance to withdraw their funds. This sort of tactic is obviously illegal. If users comply, then users’ identification information could end up being stolen as well.

Overall, the TradeSatoshi incident reeks of an exit scam, and it seems likely that a criminal case will eventually be launched against the owners of TradeSatoshi.