As a seasoned Singaporean crypto investor with a keen eye for market trends and regulatory changes, I find myself both surprised and unsurprised by Fairdesk’s sudden decision to cease operations. While the absence of prior indications of struggles makes it an unexpected move, the broader trend of exchanges shutting down amid increased regulatory scrutiny is not new.
Fairdesk, a cryptocurrency exchange based in Singapore, has announced its intention to close operations within the next month. This unexpected decision was made without any previous hints about problems facing the platform. Yet, it follows a larger pattern of exchanges shutting down due to growing crypto regulations enforced by national governments worldwide.
Fairdesk To Cease Operations By November 30
2021 saw the debut of Fairdesk, founded by ex-executives from Binance and Morgan Stanley. It has since established itself as a platform renowned for providing sophisticated trading tools suitable for both novice and seasoned traders. In a recent announcement on X, the leadership at Fairdesk revealed they will be halting their operations as of November 30.
This turn of events concerning the crypto world took everyone by surprise since there had been no earlier indications of issues related to Fairdesk. To date, the platform has not offered any specific explanation for this action, merely mentioning a shift in government regulations as the cause.
The announcement read:
From its debut as Fairdesk Cryptocurrency Exchange in 2021, it has significantly contributed to offering superior trading services to numerous traders. Yet, due to the evolving times and policy adjustments, we have chosen to permanently close our website on November 30, 2024.
Fairdesk users must wrap up their futures and spot trading activities by October 17. But don’t worry, you can still make withdrawals until November 30. Rest assured, Fairdesk is committed to providing top-notch customer service during this transition, understanding the unexpected hassle it may cause.
Crypto Exchanges Wrap Up Under Regulatory Pressure
Beyond Fairdesk, numerous global cryptocurrency trading platforms are reducing their operations due to intensified scrutiny by national regulatory bodies.
In September, Gemini revealed intentions to shut down its operations in Canada by the end of the year, which comes seven months after Canadian Securities Administrators (CSA) introduced a pre-registration obligation. The digital asset exchange, based in New York, had promptly complied with this requirement by submitting its pre-registration application in April. Nevertheless, Gemini and other platforms like OKX and Paxos eventually chose to exit the Canadian market.
In addition, Bybit has ceased operations in France due to the anticipated tightened oversight from the European Union’s Market in Crypto Assets (MiCA) regulations, effective December 2024. Conversely, platforms like Binance have made the necessary modifications to function within the MiCA framework, initiating these changes with adjustments to their stablecoin services.
Absolutely, with digital assets becoming increasingly accepted in financial sectors, stricter rules are probably going to be enforced to safeguard users’ rights. Consequently, crypto trading platforms need to brace themselves for potential adjustments in their operations.
Currently, the overall value of the cryptocurrency market stands at approximately $2.14 trillion, marking a 0.5% rise over the last day.
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2024-10-13 05:41