Fairdesk crypto exchange to shut down, cites market conditions

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 built a reputation for offering futures trading, spot trading, and other crypto services to a global user base. However, the company’s leadership has opted to wind down operations, citing challenges in the current environment.

Effective Oct. 17, all trading activities on Fairdesk will cease, with only withdrawals allowed until the final closure date. Fairdesk encouraged its users to withdraw their funds before the Nov. 30 deadline.

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 was known for its high performance, reliability, and low transaction fees, positioning itself as a trusted exchange for day traders.  

Fairdesk also featured strong security measures, keeping user funds in cold wallets and ensuring every transaction was manually inspected and signed offline.