Home News Singapore crypto ATMs shut down after central bank crackdown

Singapore crypto ATMs shut down after central bank crackdown

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According to reports, Singapore’s Monetary Authority has decided to shut down bitcoin automated teller machines.

According to Bloomberg, bitcoin ATM operators in Singapore were compelled to shut down their operations on Tuesday. In order to comply with new restrictions imposed by Singapore’s central bank, the Monetary Authority of Singapore (MAS).

The city’s cryptocurrency operators reacted to the new ban on cryptocurrency ATMs in a variety of ways, with Daenerys & Co expressing surprise and terminating its ATM operation on Tuesday evening. Deodi, the company’s primary competitor, shut down its ATM network and dispatched employees to dismantle its crypto ATMs.

The move is part of the Singaporean regulator’s larger push to regulate cryptocurrency advertising to the general public. The central bank issued new guidelines on Monday prohibiting crypto companies from advertising their services in public areas, on websites, or on social media.

Singapore’s anti-crypto sentiment, on the other hand, comes as a shock. Due to the city-“excellent state’s legislative climate” and “high rate of cryptocurrency adoption,” Coincub, a fintech firm located in Singapore, declared Singapore the most crypto-friendly country in the world in December. The legislative atmosphere in the city-state, on the other hand, looks to be hazier at the moment.

Similar restrictions on advertising established in Spain and the United Kingdom shortly before the Singaporean crackdown. The Spanish government announced on Monday that crypto enterprises must submit ad campaigns for regulatory clearance 10 days in advance. While the United Kingdom initiated a review of cryptocurrency advertising standards. Threatening to tighten down on products that make misleading claims.

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