Another Crypto Exchanges Announces Shutting Down

Another cryptocurrency exchange has announced it will be shutting down, with plans to halt all operations by November 30.

Fairdesk, a Singapore-based cryptocurrency exchange, has revealed it will cease operations on November 30, 2024. The announcement was later confirmed through an official press release. The company cited evolving policies and industry changes as the primary reasons for the shutdown, despite its steady growth since launching in 2021.

Known for serving users in the U.S. and Canada, Fairdesk’s decision to close has surprised many, particularly since the exchange appeared to be functioning normally until its announcement on October 10. Interestingly, the company’s X.com account still listed job openings at the time of the closure notice.

Previously, analysts had praised Fairdesk for its strong security protocols and competitive fees, but concerns over regulatory compliance had been raised, which now seem to have played a part in the decision.

According to Fairdesk, users have until October 17 to settle their accounts, with all futures and spot positions being closed by that date. Afterward, only withdrawals will be available until the final shutdown in November.