As a seasoned crypto investor with over a decade of experience navigating this ever-evolving digital landscape, I’ve learned to expect the unexpected. However, even I was taken aback by Fairdesk’s sudden announcement to shut down all operations in 2024.
It has been declared by the Singaporean cryptocurrency platform, Fairdesk, that they will be ceasing all operations on November 30th, 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
2021 saw the introduction of Fairdesk, one of the limited foreign platforms catering to both the U.S. and Canada. However, news of its closure might catch some off guard, as the company seemed to carry on business as usual up until October 10th when the shutdown was announced.
At the point when this article was written, Fairdesk’s official X.com profile continues to show they are “looking for new hires.
Previously, I’ve found myself expressing relatively positive sentiments towards Fairdesk, commending its robust security features and competitive pricing. However, it seems that apprehensions about potential compliance matters, voiced by certain parties, may indeed hold some truth.
Exchange shutdowns
According to Fairdesk, customers will have until Oct. 17 to clear their accounts.
The company announced that both futures and spot positions would be terminated as of October 17. From this date forward, the platform will solely maintain the withdrawal feature. Notably, this withdrawal feature will continue to be available up until November 30.
Generally speaking, total closures are not unheard of among cryptocurrency exchanges; however, larger companies tend to address regulatory issues by dealing with them region by region rather than shutting down entirely.
According to a recent report by Cointelegrah, the cryptocurrency exchange known as Gemini, established by the Winklevoss twins, has declared its intention to close operations for all Canadian users no later than the end of 2024.
The shutdown, which is confined to this area, occurred following the introduction of fresh Canadian federal rules pertaining to the exchange of stablecoins.
As a crypto investor, I’m closely monitoring the ongoing discussions in the U.S. about cryptocurrency regulations. Bills like the Clarity for Payment Stablecoins Act of 2024 are being proposed, even before the 2024 presidential election, which shows a growing interest among lawmakers to establish clear rules for digital assets.
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2024-10-13 19:32