Singaporean Exchange Fairdesk Announces Plan To Shut Down
Singaporean cryptocurrency exchange Fairdesk has unveiled plans to wind down its operations in the coming month. This move comes as a surprise, as there had been no prior indications of difficulties facing the platform. However, it aligns with a broader trend of exchanges shutting down amid increasingly strict crypto regulations imposed by national authorities.
Fairdesk To Cease Operations By November 30
Fairdesk was launched in 2021 by former Binance and Morgan Stanley executives and has since gained a reputation for offering advanced trading features that cater to both new and veteran traders. In a recent X post, the management of Fairdesk shared the exchange would be discontinuing its operations effective November 30.
This has come as an unexpected development for the crypto ecosystem due to no previous reports on struggles surrounding Fairdesk. So far, the exchange also provided no clear reason for this decision citing only a change in government policies.
The announcement read:
Since the official launch of Fairdesk Cryptocurrency Exchange in 2021, it has played a positive role in providing high-quality trading services to a large number of traders. However, with the development of the times and policy changes, we decided to permanently shut down the website on November 30, 2024.
Fairdesk customers have until October 17 to close all futures and spot trading positions. However, the platform’s withdrawal service remains functional until November 30. Fairdesk has assured all clients of optimum customer service during this period given the unforeseen inconvenience.
Crypto Exchanges Wrap Up Under Regulatory Pressure
Aside from Fairdesk, other cryptocurrency exchanges worldwide have begun scaling back their activities following increased regulatory interest from national authorities.
In September, Gemini announced plans to close down its Canadian market by year’s end seven months after the introduction of a pre-registration undertaking by Canadian Securities Administrators (CSA). Gemini was initially fast to meet this requirement having filled its pre-registration application in April. However, the New York-based exchange eventually opted to move out of Canada alongside exchanges such as OKX, Paxos, etc.
Furthermore, the Bybit exchange has also shut down its services in France due to expected increased regulatory scrutiny to be enforced by the European Union’s Market in Crypto Assets (MiCA) regulations beginning in December 2024. However, other exchanges such as Binance have adopted the necessary adjustments to operate under the MiCA regime, starting with alterations in their stablecoin offerings.
Certainly, as digital assets gain more recognition in the financial markets, more restrictive regulations are likely to be implemented to protect users’ interests. Therefore, crypto exchanges should be prepared for more operational changes.
At the time of writing, the total crypto market cap is valued at $2.14 trillion following a 0.5% increase in the past 24 hours.
Featured image from Forkast News, chart from Tradingview