Fairdesk, a Singapore-based cryptocurrency exchange launched in 2021, has announced its decision to shut down permanently by November 30, 2024. The closure is attributed to challenging market conditions and evolving regulatory environments, as outlined in an official company release.
Fairdesk gained a reputation for providing a variety of crypto services, including futures and spot trading, to a global customer base. However, the platform’s leadership has chosen to wind down operations, acknowledging that the current environment no longer supports sustainable growth.
Timeline and User Guidance
Fairdesk has stated that all trading activities will cease on October 17, 2024, after which only withdrawals will be available. Users are encouraged to withdraw their funds by the final closure date of November 30 to avoid any complications.
The company shared the following statement via social media:
“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…”
What Was Fairdesk?
Fairdesk was known for its derivatives trading platform, offering up to 125x leverage, which enabled traders to go long or short on digital assets with minimal capital. The exchange was regarded for its performance, reliability, and low transaction fees, which attracted many day traders.
Additionally, Fairdesk implemented strong security protocols, such as storing funds in cold wallets and manually inspecting each transaction before processing, which enhanced trust in its platform.
As Fairdesk prepares for its shutdown, it joins a growing list of exchanges impacted by market and regulatory pressures, marking the end of its three-year run in the cryptocurrency space.
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