Fairdesk, a Singapore-based cryptocurrency exchange, recently revealed its plan to cease operations on Nov. 30, 2024. The announcement was made through a post on the X.com platform and a subsequent press release. Fairdesk, established in 2021, catered to the US and Canada markets. Despite appearing to function normally, the decision to close surprised many. The exchange, known for its security measures and competitive fees, faced compliance concerns leading to its closure. Customers have until Oct. 17 to settle their accounts, with futures and spots positions closing on that date. The withdrawal function will remain available until Nov. 30. While shutdowns are not uncommon in the cryptocurrency sector, larger exchanges typically address regulatory issues regionally. Gemini, for instance, will halt services in Canada due to new regulations. In the US, regulatory efforts like the Clarity for Payment Stablecoins Act of 2024 are underway. Read more AI-generated news on: https://app.chaingpt.org/news