The 2021-founded cryptocurrency exchange Fairdesk in Singapore will shut down indefinitely on November 30.
According to a business release, the decision was made regarding changing market conditions and regulatory developments.
With a global customer base, Fairdesk established a reputation for providing futures trading, spot trading, and other cryptocurrency services.
The company’s management has shut down operations, citing difficulties in the present climate.
All trading on Fairdesk will end on October 17; withdrawals will be the only transactions permitted until the ultimate closing date. Fairdesk urged users to take their money out prior to the deadline of November 30.
What was Fairdesk?
Fairdesk was a Singapore-based platform for trading derivatives that let users trade long and short digital asset positions.
With leverage as high as 125x, traders might optimize profits while utilizing the least cash. The site positioned itself as a reliable exchange for day traders, earning a reputation for its great performance, dependability, and affordable transaction fees.
Strong security procedures were another element of Fairdesk, which kept user monies in cold wallets and made sure each transaction was personally reviewed and signed off-line.
