Singapore-based Crypto Exchange Fairdesk to Shut Down Operations by November

Key Takeaways

• Futures and spot trading activities will stop on October 17
• During this transition period, Fairdesk assured users the platform would remain operational for withdrawals. 

Leading Singapore-based crypto exchange Fairdesk, announced it will close down all services by November 30, 2024. As per the official statement, futures and spot trading activities will cease on October 17, leaving users with only withdrawal options available until the full closure.

During this transition period, Fairdesk assured users that the platform would remain operational for withdrawals. The firm added that the customer service team will continue to provide support throughout the process.

The company shared, “Since launching in 2021, Fairdesk has aimed to deliver quality trading services to many traders. However, with shifting industry conditions and regulatory changes, we’ve made the decision to permanently close the website on November 30, 2024.”

Established in 2021, Fairdesk became one of the few international exchanges accessible to users in the U.S. and Canada. The closure surprised many, as the platform appeared to operate as usual until the October announcement. Even after the shutdown notice, Fairdesk’s official X.com account still showed active hiring posts.

Although Fairdesk had received favorable feedback for its security features and competitive fees, some experts had raised questions about its regulatory compliance. These concerns are now seen as likely contributors to the decision to wind down operations.

Fairdesk has informed its users that they must close their positions by October 17. “Futures and spot positions will be closed on October 17,” the company explained. “From that date, only the withdrawal function will remain available, with withdrawals continuing until November 30.”

Several crypto exchanges have also shut down operations in countries citing regulatory challenges. Earlier this year, Bybit shut down operations in France citing recent regulatory developments by the nation’s financial regulator, the Autorité des Marchés Financiers (AMF).

Last week, crypto exchange Gemini, founded by Cameron and Tyler Winklevoss, shut down operations in Canada. The move came amidst the Canadian Securities Administrators (CSA) stating that crypto firms would no longer be allowed to offer stablecoins that do not comply with applicable conditions set by the CSA.