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‘Impulse’ trade shuts down Crypto ATMs in Singapore

The Crypto ATMs in Singapore are shut down by ‘Impulse’ trade. After the Monetary Authority of Singapore (MAS) outlawed cash-to-crypto terminals as part of a broader crackdown on advertising cryptocurrencies to the public, Singapore’s top operators of crypto ATMs were compelled to shut down their cash machines on Tuesday.

Crypto ATMs in Singapore are shut down by ‘Impulse’ trade

'Impulse' trade shuts down Crypto ATMs in Singapore

Image Source: Fortune

The MAS guidelines “surprised” Daenerys & Co., which operates five crypto ATMs across the city, but the company halted its ATM services late Tuesday. Deodi, a competitor, also shut down its ATM network and despatched employees to remove its ATM machines from malls across Singapore.

Singapore’s ban follows similar advertising limits enacted in Spain and the United Kingdom. On Monday, Spain demanded that crypto firms submit ad campaigns for regulatory clearance 10 days in advance, while the United Kingdom initiated an investigation of cryptocurrency advertising practices, threatening to crack down on “misleading promises.”

After the Monetary Authority of Singapore (MAS) outlawed cash-to-crypto terminals as part of a broader crackdown on advertising cryptocurrencies to the public, Singapore’s top operators of crypto ATMs were compelled to shut down their cash machines on Tuesday.

The MAS guidelines “surprised” Daenerys & Co., which operates five crypto ATMs across the city, but the company halted its ATM services late Tuesday. Deodi, a competitor, also shut down its ATM network and despatched employees to remove its ATM machines from malls across Singapore.

ATMs, which let people convert cash into Bitcoin, Ether, and other digital currencies, were singled out by the MAS. The central bank warned that the simplicity of cash-to-crypto machines could drive people to acquire Bitcoin and other virtual currencies “on the spur of the moment, without thinking about the risks.”

The price of Bitcoin, the crypto world’s main currency, has plummeted this year, falling from a high of over $67,000 in November to under $42,000 on Wednesday. Despite strong increases in 2020 and 2021, the volatile cryptocurrency has outperformed the Nasdaq index over a four-year span.

“The public should not be encouraged to engage in the trading of digital payment tokens,” MAS stated, adding that it has “consistently cautioned the public that the trading of digital payment tokens…is highly dangerous and not suited for the general public.”

“We have suspended to offer purchase or sell services via our five ATMs to comply with the abrupt notice while seeking further information from the MAS,” Daenerys said in a statement to Reuters.

Another company, Bitcoin Exchange, announced on its website that “we regret to notify you that we have to shut down our public Bitcoin machine with immediate effect” owing to the government’s measures.

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Also read: A rug pulling crypto scam leads to eight arrests in China

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