Originally published on: October 11, 2024
Fairdesk, a Singapore-based cryptocurrency exchange, has dropped a bombshell by announcing its closure on Nov. 30, 2024, citing regulatory concerns as the primary reason.
The news was revealed through a social media post on the X.com platform, catching many in the industry off guard. Fairdesk, which was established in 2021 and operated in the United States and Canada, had garnered attention for its security measures and competitive fees. However, compliance issues have forced the company to make the tough decision to shut down.
Customers are advised to clear their accounts by Oct. 17, with futures and spot positions set to be closed on that date. The platform will only retain the withdrawal function until Nov. 30.
While Fairdesk’s closure is significant, it is not an isolated case in the cryptocurrency exchange landscape. Larger firms like Gemini have also faced regulatory challenges, with some opting for localized shutdowns to comply with changing laws and regulations.
In Canada, Gemini announced its withdrawal from the market due to new federal regulations on stablecoin trading. In the U.S., lawmakers are working on introducing new crypto regulations, signaling a shift in the regulatory environment.
With uncertainties looming over the crypto industry, staying informed about changing laws and guidelines is crucial for making informed decisions about your crypto ventures. Stay updated with the latest developments by subscribing to our newsletter and arm yourself with the knowledge needed to navigate this ever-evolving landscape.
