As a seasoned crypto investor with over a decade of experience in this ever-evolving market, I’ve seen my fair share of exchanges come and go. The news of Fairdesk’s closure, however, has left me slightly bewildered.
Fairdesk, a Singapore-based crypto exchange launched in 2021, will permanently close on Nov. 30.
The decision comes amid shifting market conditions and regulatory changes, according to a company release.
Fairdesk established a strong standing by providing futures trading, spot trading, and various cryptocurrency services to an international clientele. Regrettably, the company’s management has chosen to close its operations due to difficulties encountered within the present market conditions.
🔔 Urgent Announcement Regarding Shutdown of Fairdesk Trading Platform
— Fairdesk | Hiring (@FairdeskGlobal) October 10, 2024
Starting October 17th, all transactions at Fairdesk will be suspended, allowing for withdrawals only until the platform’s final shutdown on November 30th. It is strongly advised that users withdraw their funds from Fairdesk prior to this date.
What was Fairdesk?
Fairdesk was a derivatives trading platform based in Singapore, allowing users to go long and short on digital assets. It offered leverage up to 125x, enabling traders to maximize potential gains with minimal capital.
The platform stood out for its exceptional speed, dependability, and affordable transaction costs, earning it a reputation as a reliable choice for active traders.
Additionally, Fairdesk implemented robust safety protocols, by storing user assets in offline “cold” wallets and verifying each transaction meticulously before it was approved offline.
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2024-10-11 20:37