Singapore-based cryptocurrency exchange Fairdesk has announced that it will permanently shut down all its services by November 30, 2024. The decision comes as part of the company's strategy to streamline operations and focus on more sustainable business practices in the volatile cryptocurrency market.
Customers who currently have balances in their accounts are required to clear them by October 17, 2024, to avoid any potential losses. After this deadline, all futures and spot positions will be automatically closed by the platform. While the exchange is ceasing operations, the platform will maintain limited functionality, retaining only the withdrawal service until November 30, 2024.
This measure is designed to facilitate customers in withdrawing their funds efficiently before the complete shutdown. Fairdesk has encouraged its users to plan their withdrawals accordingly to ensure a smooth transition. The closure of the exchange highlights the ongoing challenges faced by cryptocurrency platforms in maintaining operation amidst regulatory scrutiny and market fluctuations.
As users navigate this transition, it is crucial to stay informed about the latest announcements and ensure that all necessary actions are taken prior to the outlined deadlines. This development serves as a reminder for the cryptocurrency community of the importance of diligence and prompt responses to changes within the marketplace..