Singapore-based cryptocurrency exchange Fairdesk has recently announced that it will cease all services on November 30, 2024.
“Since its launch in 2021, Fairdesk has strived to provide high-quality trading services to a large number of investors. However, due to the development of the times and changes in policies, we have decided to permanently close the website on November 30, 2024.”
Launched in 2021, Fairdesk was one of the few non-domestic exchanges serving the US and Canadian markets. The announcement of its closure came as a surprise to many as the company appeared to be operating normally until the announcement on October 10.
Analysts have previously given positive reviews of Fairdesk, praising the platform’s security measures and competitive fees. However, concerns about regulatory compliance, which have been raised by some experts, appear to have materialized.
The closure notice from Fairdesk states that customers will have until October 17 to complete transactions.
“Futures and spot positions will be closed on October 17, after which the platform will only have withdrawal functionality until November 30.”
While outright shutdowns are not uncommon in the cryptocurrency trading space, large companies often seek to address regulatory challenges on a regional basis.
Gemini, a cryptocurrency exchange founded by the Winklevoss brothers, also announced on September 30 that it will cease providing services to all Canadian users by the end of 2024, after the Canadian government issued new regulations regarding stablecoin trading.
In the United States, lawmakers are stepping up cryptocurrency regulation, with moves like the Stablecoin Payments Transparency Act of 2024 introduced ahead of next year's presidential election.
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