Singapore crypto ATMs shut down to meet central bank rules
Cryptocurrency ATM operators in Singapore halted operations on Tuesday to comply with new guidelines issued by the Monetary Authority of Singapore (MAS), the country’s central bank, Bloomberg reported.
Fast facts
- Crypto ATM operators Daenerys & Co. and Deodi Pte shut their operations down as they await further clarification from MAS.
- New central bank guidelines issued on Monday restrict crypto businesses from promoting their services in public venues, websites and social media, except through their own official websites and social media.
- The guidelines also prohibit businesses from providing physical crypto ATM services.
- MAS said that providing convenient access to digital assets via ATMs may encourage impulse-driven crypto trading activities without considering associated risks.