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Fairdesk to shut down operations by November 30

Fairdesk to shut down operations by November 30

GrafaGrafa2024/10/12 01:05
By:Liezl Gambe

Singapore-based cryptocurrency exchange Fairdesk has announced its permanent shutdown, effective November 30, 2024.

The company cited regulatory concerns as the reason for the closure.

The decision was made public through a social media post on X.com, followed by an official press release.

Launched in 2021, Fairdesk had been providing trading services primarily to users in the United States and Canada.

Despite outwardly appearing to operate normally until the announcement, Fairdesk had earned praise from analysts for its security features and competitive fees.

However, concerns about potential compliance issues seem to have materialised, leading to its decision to exit the market.

Fairdesk has outlined a timeline for its closure.

Customers have been given until October 17 to close any active futures and spot positions.

After that date, the platform will only support withdrawal functions, which will remain active until the final shutdown on November 30.

Fairdesk’s decision comes amid a broader trend of regulatory scrutiny faced by cryptocurrency exchanges.

Other exchanges, such as Gemini, have also been forced to shutter services in certain jurisdictions, particularly in Canada and the United States, where new regulations are reshaping the landscape for digital asset trading.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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