According to Odaily, Singapore-based cryptocurrency exchange Fairdesk has announced that it will permanently shut down all its services by November 30, 2024. Customers are required to clear their accounts by October 17, 2024. After this date, all futures and spot positions will be closed, and the platform will only retain the withdrawal function. The withdrawal service will continue until November 30, 2024.

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#Singapore -based cryptocurrency #exchange Fairdesk has announced its upcoming shutdown due to unfavorable market conditions and industry regulatory changes.

#fairdesk positioned itself as a platform to provide spot and futures trading services for digital #assets . However, the company's management decided to wind down all operations by Nov. 30, citing negative market conditions and legal regulatory concerns.

“Starting October 17, all trading activity on Fairdesk will be halted, only withdrawals will be allowed until the final closing date. We ask users to withdraw their funds before the November 30 deadline. We apologize for any inconvenience caused and will be happy to meet you next time at a more appropriate time,” the statement said.

Earlier, the Monetary Authority of Singapore (MAS) raised digital asset exchange platforms' risk tolerance level from medium-low to medium-high. The reason: new laws on combating money laundering and terrorist financing came into force.
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