Singapore-based crypto exchange urges users to withdraw funds by November 2024.
Fairdesk, a cryptocurrency exchange based in Singapore, has announced its permanent closure by November 30, 2024. This decision comes in response to evolving market conditions and regulatory changes that have impacted the platform's operations.
Fairdesk will cease all trading activities, including futures and spot trading, by October 17, 2024. After this date, users will only be able to withdraw their funds until the final closure at the end of November. The exchange has urged its users to withdraw their assets promptly to avoid any complications.
The decision to shut down stems from both market dynamics and regulatory pressures. Despite being recognized for its high performance, reliability, and security, Fairdesk faced challenges in maintaining compliance with new regulatory standards. This situation mirrors a broader trend where other exchanges, such as Gemini, have also exited certain markets due to similar issues.
Since its launch in 2021, Fairdesk has been known for offering significant leverage options and low transaction fees. The platform has expressed gratitude for the support from its users over the years and has committed to providing customer service during the transition period to assist with withdrawals and address any concerns.
For users of Fairdesk, the key takeaway is to act swiftly in withdrawing funds before the platform's closure. It is also a reminder for cryptocurrency investors to stay informed about regulatory changes that might affect their trading platforms. Understanding the compliance landscape can help in making informed decisions about where to trade and store digital assets.
