Fairdesk crypto exchange closes over regulatory issues.

Fairdesk, a cryptocurrency exchange based in Singapore, has announced that it will be ceasing all services on November 30, 2024. The announcement was made through a social media post on the X.com platform and was followed by a press release.

Since its official launch in 2021, Fairdesk has provided high-quality trading services to a large number of traders. However, due to changes in policies and the passage of time, the decision has been made to permanently close the website on November 30, 2024.

Fairdesk, which was launched in 2021, served as one of the few foreign exchanges catering to the United States and Canada. The announcement of its closure on October 10 may have come as a surprise to many, as the company seemed to be operating normally until then. At the time of this article’s publication, Fairdesk’s official X.com account still listed it as “recruitment.”

Customers of Fairdesk have until October 17 to settle their accounts. Futures and spot positions will be closed on October 17, and the platform will only allow withdrawals from that date onwards. The recording function will be maintained until November 30.

In the cryptocurrency exchange space, while complete shutdowns are occurring, larger companies tend to address regulatory challenges on a geographic basis. Gemini, a cryptocurrency exchange founded by the Winklevoss twins, recently announced the closure of its services for all users in Canada by the end of 2024, in response to new Canadian federal regulations regarding stablecoin trading. In the United States, discussions about cryptocurrency regulations are gaining traction, with motions like the Clarity for Payment Stablecoins Act of 2024 being introduced ahead of the 2024 US presidential election.

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