Singapore crypto ATMs shut down after central bank crackdown


The Monetary Authority of Singapore has reportedly decided to shut down cryptocurrency automatic teller machines in the city-state.According to Bloomberg, to comply with new regulations issued by the Monetary Authority of Singapore (MAS), Singapore’s central bank, cryptocurrency ATM operators in the country were forced to shut down their operations on Tuesday.The new clampdown on cryptocurrency ATMs sparked several reactions from the city’s cryptocurrency operators, with Daenerys & Co saying it was “surprised” and canceling its ATM service on Tuesday evening. Its main competitor, Deodi, switched off its ATM network and sent staff to remove its crypto ATMs.The move is part of a broader effort by the Singaporean watchdog to regulate advertising cryptocurrency to the public. On Monday, the central bank released new guidance that bans crypto firms from advertising their services in public places, websites and social networks.Singapore’s souring on crypto, however, is more of a surprise. Coincub, a fintech startup based in the city-state, named Singapore the most crypto-friendly country in the world in December, owing to the city’s “good legislative environment” and “high rate of cryptocurrency adoption.” However, the legislative climate in the city-state appears to be cloudier right now.Related: UK advertiser ASA continues crypto ad banning spreeCointelegraph reached out to the MAS for more information but did not receive a response as of publishing time. This article will be updated if new details emerge.The clampdown in Singapore came soon after similar advertising limitations were enacted in Spain and the United Kingdom. On Monday, the Spanish government required crypto businesses to submit ad campaigns for regulatory approval 10 days in advance, while the U.K. launched a review of cryptocurrency advertising norms, vowing to crack down on products with deceptive claims.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 51,613.83
ethereum
Ethereum (ETH) $ 3,024.44
tether
Tether (USDT) $ 0.999613
bnb
BNB (BNB) $ 379.38
solana
Solana (SOL) $ 102.28
xrp
XRP (XRP) $ 0.545338
staked-ether
Lido Staked Ether (STETH) $ 3,021.65
usd-coin
USDC (USDC) $ 0.999952
cardano
Cardano (ADA) $ 0.588577
avalanche-2
Avalanche (AVAX) $ 36.70
dogecoin
Dogecoin (DOGE) $ 0.085927
tron
TRON (TRX) $ 0.137474
chainlink
Chainlink (LINK) $ 18.47
polkadot
Polkadot (DOT) $ 7.72
matic-network
Polygon (MATIC) $ 0.971906
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 51,605.83
uniswap
Uniswap (UNI) $ 10.61
the-open-network
Toncoin (TON) $ 2.11
internet-computer
Internet Computer (ICP) $ 12.40
shiba-inu
Shiba Inu (SHIB) $ 0.000010
bitcoin-cash
Bitcoin Cash (BCH) $ 266.92
litecoin
Litecoin (LTC) $ 69.89
dai
Dai (DAI) $ 0.998889
immutable-x
Immutable (IMX) $ 3.10
filecoin
Filecoin (FIL) $ 8.32
cosmos
Cosmos Hub (ATOM) $ 10.25
kaspa
Kaspa (KAS) $ 0.172031
leo-token
LEO Token (LEO) $ 4.20
near
NEAR Protocol (NEAR) $ 3.74
ethereum-classic
Ethereum Classic (ETC) $ 26.14
blockstack
Stacks (STX) $ 2.52
hedera-hashgraph
Hedera (HBAR) $ 0.108000
bittensor
Bittensor (TAO) $ 573.78
optimism
Optimism (OP) $ 3.67
aptos
Aptos (APT) $ 9.31
first-digital-usd
First Digital USD (FDUSD) $ 0.999555
stellar
Stellar (XLM) $ 0.115571
vechain
VeChain (VET) $ 0.044963
okb
OKB (OKB) $ 50.53
injective-protocol
Injective (INJ) $ 33.89
lido-dao
Lido DAO (LDO) $ 3.29
render-token
Render (RNDR) $ 7.53
celestia
Celestia (TIA) $ 16.99
the-graph
The Graph (GRT) $ 0.295805
mantle
Mantle (MNT) $ 0.789744
crypto-com-chain
Cronos (CRO) $ 0.093131
arbitrum
Arbitrum (ARB) $ 1.85
monero
Monero (XMR) $ 124.59
sei-network
Sei (SEI) $ 0.829596
sui
Sui (SUI) $ 1.62