Singapore crypto ATMs shut down after central bank crackdown

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The Monetary Authority of Singapore has reportedly decided to close cryptocurrency ATMs in the city-state.

According to new regulations issued by the Monetary Authority of Singapore (MAS), Singapore’s central bank, the country’s operators of cryptocurrency ATMs were forced to shut down operations on Tuesday, according to Bloomberg.

The new crackdown on crypto-ATMs triggered several reactions from crypto-operators in the city, with Daenerys & Co saying it was “surprised” and canceling ATM service on Tuesday night. The main competitor, Deodi, has closed its ATM network and sent employees to dismantle cryptocurrency ATMs.

The move is part of a broader effort by the Singapore regulator to regulate public advertising for cryptocurrencies. On Monday, the central bank issued new directives prohibiting crypto companies from advertising their services in public spaces, websites and social media.

However, Singapore’s nervousness about cryptocurrencies is more surprising. Coincub, a fintech startup based in the city-state, named Singapore the most cryptocurrency-friendly country in the world in December because of the city’s “good regulatory environment” and “high cryptocurrency adoption.” However, the legal climate in the city-state looks more ambiguous at the moment.

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Cointelegraph has contacted MAS for more information, but has not received a response per press time. This article will be updated as new details become available.

The intervention in Singapore came shortly after similar advertising restrictions were introduced in Spain and the United Kingdom. On Monday, the Spanish government required crypto companies to submit regulatory approval campaigns 10 days in advance, while the UK began reviewing crypto-advertising standards, promising to crack down on products with misleading claims.

Source: CoinTelegraph

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