The post Singaporean Exchange Fairdesk Announces Plan To Shut Down appeared on BitcoinEthereumNews.com.

Singaporean cryptocurrency exchange Fairdesk has unveiled plans to wind down its operations in the coming month. This move comes as a surprise, as there had been no prior indications of difficulties facing the platform. However, it aligns with a broader trend of exchanges shutting down amid increasingly strict crypto regulations imposed by national authorities. Fairdesk To Cease Operations By November 30 Fairdesk was launched in 2021 by former Binance and Morgan Stanley executives and has since gained a reputation for offering advanced trading features that cater to both new and veteran traders. In a recent X post, the management of Fairdesk shared the exchange would be discontinuing its operations effective November 30.  This has come as an unexpected development for the crypto ecosystem due to no previous reports on struggles surrounding Fairdesk. So far, the exchange also provided no clear reason for this decision citing only a change in government policies. The announcement read: Since the official launch of Fairdesk Cryptocurrency Exchange in 2021, it has played a positive role in providing high-quality trading services to a large number of traders. However, with the development of the times and policy changes, we decided to permanently shut down the website on November 30, 2024. Fairdesk customers have until October 17 to close all futures and spot trading positions. However, the platform’s withdrawal service remains functional until November 30. Fairdesk has assured all clients of optimum customer service during this period given the unforeseen inconvenience. Crypto Exchanges Wrap Up Under Regulatory Pressure  Aside from Fairdesk, other cryptocurrency exchanges worldwide have begun scaling back their activities following increased regulatory interest from national authorities. In September, Gemini announced plans to close down its Canadian market by year’s end seven months after the introduction of a pre-registration undertaking by Canadian Securities Administrators (CSA). Gemini was…

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Filed under: News - @ October 13, 2024 2:36 am