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Satang Pro: Bitcoin Exchange

Latest release: 1.3.1 ( 29th December 2022 ) 🔍 Last analysed 28th June 2022 . Custodial: The provider holds the keys
4.2 ★★★★★
5 ratings
25th August 2021

As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!

As part of our Methodology, we ask:

Is the product self-custodial?

If the answer is "no", we mark it as "Custodial: The provider holds the keys".

A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.

Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.

Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.

This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.

We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:

  • Do your own research if the provider is trust-worthy!
  • Check if you know at least enough about them so you can sue them when you have to!
  • Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
  • Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.

Help spread awareness for build reproducibility

Please help us spread the word discussing the risks of centralized custodians with Satang Pro: Bitcoin Exchange  via their Twitter!

Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

(Analysis from Android review)

App Description

Satang Pro - the first regulated and most trusted digital asset exchange in Thailand that possesses ISO 27001:2013 and 27701:2019 standard along with instant Thai Baht withdrawal and deposit, secure by design with in-depth mechanism.

Features

  • Scan to Deposit to instantly deposit Thai Baht into your trading account
  • Deposit / Withdraw your digital assets at any time, 24/7
  • Trading in cryptocurrency markets, 24/7
  • Deposit / Withdraw fiat currency (currently support only Thai Baht)
  • Fully regulated digital asset exchange by the Securities and Exchange Commission (SEC), Thailand
  • Support popular cryptocurrencies, with more than 99 cryptocurrencies to come soon
  • First class online chat, email, and telephone supports

Analysis

The Thailand based app looks like a bitcoin exchange. We installed the app and registered. The app required us to pass KYC prior to access to most of the app’s features, including the wallets.

We were able to find information about how the service stores the private keys in its Terms and Conditions:

Satang securely stores all Digital Currency private keys in our control in a combination of online and offline storage. As a result, it may be necessary for Satang to retrieve certain information from offline storage in order to facilitate a Digital Currency Transaction in accordance with your instructions, which may delay the initiation or crediting of such Digital Currency Transaction for 48 hours or more. You acknowledge and agree that a Digital Currency Transaction facilitated by Satang may be delayed.

This is a custodial service.

(dg)