, Singapore
Photo courtesy of Sajad Nori.

Cryptocurrency ATMs close down in Singapore following MAS clampdown: report

Two operators, Daenerys and Deodi, have shut down their ATM machines in the city.

Cryptocurrency ATMs in Singapore closing down after the city’s regulators limited consumer marketing of crypto, reports Bloomberg.

Also Read: Singapore bans public marketing of cryptocurrency trading

Daenerys, Singapore’s biggest operator of the machines, ceased its services to comply with the Monetary Authority of Singapore’s (MAS) request, the company said late on 18 January.

“MAS’s new guidelines regarding ATMs were an unexpected surprise,” Daenerys said in a reply to questions from Bloomberg.

Daenerys operates 5 crypto ATM machines in malls around Singapore. Daenerys said it’s keeping the ATMs closed while seeking clarification from the central bank.

Another operator, Deodi, shut down its sole machine on Tuesday, it said on its website.

Here’s more from Bloomberg

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Bank of Singapore appoints global head of investments
Robert Reid has 30 years of legal, consulting, and financial services experience.
How this power couple built a real estate brand from the ground up
Singapore Luxury Homes was born through the couple’s own experiences in buying a home.   With an impressive record of over 300 real estate transactions surpassing $2b in combined real estate sales over the past decade, the co-founders of Singapore Luxury Homes are considered to be leading luxury real estate agents in Singapore.   Discussing their years of experience and how the company is poised to expand, Singapore Business Review spoke to husband and wife luxury real estate duo, Sunita Gill-Karkaria and Kaizar Karkaria about the booming real estate market.

Exclusives

How investor stewardship puts companies in a win-win state
Stewardship Asia Centre CEO says a company’s failure to take care of society is a failure to take care of its stakeholders.
Creating harmony in a heterogonous workforce 
An HR expert said tests like DISC can help identify which employees can work best together.