Fairdesk crypto exchange to close regulatory concerns
Singapore-based cryptocurrency exchange FairDesk recently announced that it will shut down all services on November 30, 2024.
The announcement came via a social media post on the X.com platform and was followed up with a press release.
Fairdesk announced the closure on X.com. Source: Fairdesk
Since its official launch in 2021, Fairdesk cryptocurrency exchange has played a positive role in providing high-quality trading services to many traders. However, with recent developments and policy changes, we have decided to close the website permanently on November 30, 2024.
Fairdesk
In the year Launched in 2021, FairDesk was one of the few domestic exchanges serving the United States and Canada. The shutdown may come as a surprise to many, as the company appeared to be operating normally until the October 10 announcement.
As of this writing, FairDesk's official X.com account still indicates that it is “hiring.”
Analysts have previously given FairDesk positive reviews, praising its security measures and competitive fees. However, the seriousness of compliance issues raised by some people seems to be the reality of the situation.
Closed exchange
According to Fairdesk, customers have until October 17 to clear their accounts.
The company said, “The futures and spot positions will be closed on October 17, and the platform will only hold the withdrawal function from October 17. In addition, the withdrawal function will last until November 30.”
While outright shutdowns are common in the cryptocurrency exchange space, it's common for large companies to face regulatory challenges on a geographic basis.
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Cointelegrah recently reported that Gemini, founded by the Winklevoss twins, announced on September 30 that it will shut down services for all users in Canada before the end of 2024.
The translated shutdown comes in the wake of new Canadian federal laws surrounding the trading of Stablecoins.
Meanwhile, lawmakers in the United States are scrambling to pass cryptocurrency regulations such as the Payment Stabilization Act of 2024 ahead of the 2024 US presidential election.
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