Published on oktober 13, 2024, 12:44 am
Image source: Fox News
```json [ { "TLDR": "Fairdesk, a Singapore-based cryptocurrency exchange established in 2021, will cease operations by November 30, 2024 due to compliance concerns. Customers have until October 17 to reconcile their accounts before positions are liquidated. Regulatory challenges in the industry are also affecting other exchanges like Gemini in Canada." } ] ```
Fairdesk, a Singapore-based cryptocurrency exchange, has recently disclosed its plan to cease all operations by November 30, 2024. The surprising announcement was made through a post on the X.com platform and further detailed in a press release.
Established in 2021, Fairdesk provided services to the United States and Canada among other regions. Despite receiving favorable reviews for its security protocols and competitive fee structures, concerns regarding compliance matters have led to the unforeseen decision to close down.
Customers have been informed that they have until October 17 to reconcile their accounts. The firm declared that futures and spots positions will be liquidated on October 17, preserving only withdrawal capabilities until November 30.
While complete shutdowns are not uncommon in the cryptocurrency exchange sector, it is more typical for larger platforms to tackle regulatory challenges regionally. For instance, Gemini, a prominent cryptocurrency exchange founded by the Winklevoss twins, unveiled plans to discontinue services in Canada before 2024 due to new federal regulations involving stablecoin trading.
In parallel developments within the United States, legislative efforts are underway to introduce crypto regulations such as the Clarity for Payment Stablecoins Act of 2024. As regulatory landscapes continue to evolve globally, the closure of Fairdesk marks another significant event in the dynamic realm of cryptocurrency exchanges.
Original article posted by Fox News
