Singapore-based cryptocurrency exchange Fairdesk has announced that it will close all its services on November 30, 2024. The news was shared on X.com (formerly Twitter) and followed by an official press release.
The press release highlighted Fairdesk’s journey since its launch in 2021, stating:
“Since the official launch of Fairdesk Cryptocurrency 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 Serving U.S. and Canadian Markets
Fairdesk was one of the few non-domestic exchanges that provided services to traders in the U.S. and Canada. Its closure has caught many by surprise, as the company appeared to be operating as usual before the announcement on October 10, 2024.
Interestingly, despite the shutdown notice, Fairdesk’s X.com profile still lists the company as “hiring” at the time of this article’s publication.
Fairdesk had received positive feedback from analysts for its strong security features and competitive trading fees. However, compliance issues were raised by some in the industry, and these concerns may have contributed to the company’s decision to shut down.
Important Dates for Customers
Fairdesk has given customers until October 17 to close their accounts. The exchange has stated:
“Futures and spot positions will be closed on October 17, and the platform will only retain the withdrawal function from October 17. In addition, the withdrawal function will be retained until November 30.”
While cryptocurrency exchanges shutting down is not entirely uncommon, larger exchanges typically deal with regulatory issues by restricting services in certain regions. However, Fairdesk’s complete closure highlights the growing challenges exchanges face in navigating changing regulations worldwide.
