Fairdesk crypto exchange to shut down, cites market conditions

Singapore-based crypto exchange Fairdesk, which started operating in 2021, will close permanently on November 30.

The decision comes amid changing market conditions and regulatory changes, according to a statement from the company.

Fairdesk has built a reputation for offering futures trading, spot trading and other crypto services to a global user base. However, the company’s management chose to cease operations, citing difficulties in the current environment.

‼️Important Announcement Regarding the Closing of the Fairdesk Platform

Since the official launch of the Fairdesk Cryptocurrency Exchange in 2021, it has played a positive role in providing high-quality trading services to a large number of investors. However, with the development of the age… pic.twitter.com/bujpJqwDjh

— Fair Desk | Recruiting (@FairdeskGlobal) October 10, 2024

Effective October 17, all trading activities at Fairdesk will cease and only withdrawals will be allowed until the closing date. Fairdesk encouraged its users to withdraw their funds before the November 30 deadline.

What was Fairdesk?

Fairdesk was a Singapore-based derivatives trading platform that allowed users to take long and short positions in digital assets. It offers up to 125x leverage, enabling investors to maximize potential gains with minimal capital.

The platform was known for its high performance, reliability and low trading fees, positioning itself as a reliable exchange for day traders.

Fairdesk also had strong security measures in place, keeping user funds in cold wallets and ensuring that every transaction was manually audited and signed offline.