Singapore shuts down all crypto ATMs

Such offerings could encourage people to trade “on impulse”, the Monetary Authority of Singapore (MAS) said in its guidelines

The Monetary Authority of Singapore has shut down all cryptocurrency ATMs in the city-state following its recent guidelines on avoiding advertising crypto services to the public.

“To comply with the sudden announcement, we have ceased to offer buy or sell services via our five ATMs while seeking further clarification from the MAS,” said Daenerys & Co, the biggest Singaporean crypto ATM operator.

Another operator, Deodi Pte, announced it had also shut down its sole ATM in compliance with the guidelines.

The MAS issued “Guidelines to Discourage Cryptocurrency Trading by [the] General Public” on Monday.

In its guidelines, the central bank said it had “observed that some DPT service providers have been actively promoting their services through online and physical advertisements or through the provision of physical automated teller machines (ATM) in public areas.”

Singapore is not the only country cracking down on cryptocurrency advertising.

Earlier this week, the British government announced that it was tightening rules on crypto advertisements to ensure that they are clear and not misleading.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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