In an unexpected announcement, Fairdesk said it would stop operating on November 30.
Fairdesk, a popular crypto exchange, has announced its closure, taking many by surprise. The firm mentioned it will close its doors for good on November 30, 2024. It made the sudden announcement over X and issued a release regarding the same on its website.
“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,” the announcement read. “However, with the development of the times and policy changes, we decided to permanently shut down the website on November 30, 2024.”
It further mentioned it would close the futures and spot positions on October 17 and kickstart the withdrawal process the same day. Fairdesk users can withdraw their funds until November 30. “During this period, our platform will remain operational and our customer service team will continue to provide you with professional services, so please feel free to proceed,” it added.
While it made the announcement, its X account still mentions that it is hiring.
Fairdesk began operating in 2021 and is incorporated in Singapore. The exchange served North American users, being one of the few crypto service providers to operate in the US and Canada without being registered in the countries. Industry analysts provided the exchange with good reviews when it came to securing user assets and offering highly competitive transaction fees. However, the reviews about its compliance measures were not as good. That, being true, has led to its closure.
Exchanges Have Faced Issues With Strict Regulatory Approaches
The news comes as other exchanges exit regions with regulations that make it hard for them to operate. Most recently, Gemini, the exchange founded by the Winklevoss twins, announced that it would stop operating in Canada and servicing the geography’s users. Canadian users received a mail from the exchange announcing its departure. It also told them they would have 90 days to withdraw their assets from their accounts starting September 30.
Gemini ending services in Canada followed the country’s Canadian Securities Administrators (CSA) announcing that it would extend its deadline for crypto trading platforms (CTPs) to comply with its stablecoin regulations to December 31. That deadline originally was for October 31, which was moved from April 30. Other exchanges like OKX, dYdX, and Bybit stopped operating in the country in 2023 due to the same stablecoin enforcement.
