Fairdesk crypto exchange to shut down over regulatory concerns

Singapore-based cryptocurrency exchange Fairdesk recently announced that it will shut down all services on Nov. 30, 2024. 

The announcement came via a social media post on the X.com platform and was followed up by a press release. 

“Since the official launch of Fairdesk Cryptourrency 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

Launched in 2021, Fairdesk was among the few non-domestic exchanges serving the United States and Canada. Its closure may come as a surprise to many as the company outwardly appeared to be operating normally until the Oct. 10 announcement. 

As of the time of this article’s publication, Fairdesk’s official X.com account still indicates that it’s “hiring.”

Analysts had previously given Fairdesk somewhat favorable reviews, praising its security measures and competitive fees. However, concerns over potential compliance issues, raised by some, appear to have been the reality of the situation. 

Exchange shutdowns

According to Fairdesk, customers will have until Oct. 17 to clear their accounts.

“Futures and spots positions will be closed on October 17,” wrote the firm, “and the platform will only retain the withdrawal function from October 17. In addition, the withdrawal function will be retained until November 30.”

While complete shutdowns do happen in the cryptocurrency exchange space, it’s more common for the larger firms to approach regulatory challenges on a geographical basis. 

Related: SEC Commissioner Mark Uyeda slams agency’s crypto policy as a ‘disaster’

As Cointelegrah recently reported, Gemini, a cryptocurrency exchange founded by the Winklevoss twins, announced on Sept. 30 that it would shutter services to all users in Canada before the end of 2024. 

The localized shutdown comes in the wake of new Canadian federal regulations surrounding the trading of stablecoins.

Meanwhile, in the United States, lawmakers are clamoring to pass cryptocurrency regulations with motions such as the Clarity for Payment Stablecoins Act of 2024 being introduced ahead of the 2024 US presidential election. 

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