Crypto ATMs halted in Singapore after marketing clampdown


Singapore's monetary authority has ordered the closure of cryptocurrency ATMs, which it states could encourage people to trade on impulse. — REUTERS/File Photo

Cryptocurrency ATMs, one visible reminder of Singaporeans’ rising appetite for digital tokens, are being closed down as the city-state moves to dramatically limit consumer marketing of crypto.

Daenerys & Co., Singapore’s biggest operator of the machines, ceased its services to comply with the Monetary Authority of Singapore’s request, the company said late Tuesday.

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

The five machines, mostly located in malls around Singapore, offered people a convenient way to buy tokens like Bitcoin and Ether using fiat currency.

But the notion of a fast and easy way into crypto trading for retail investors didn’t sit well with regulators, who explicitly mentioned the ATMs in guidelines released Monday.

Such offerings could encourage people to trade "on impulse,” the MAS said.

Daenerys said it’s keeping the ATMs closed while seeking clarification from the central bank. Another operator, Deodi Pte., shut down its sole machine on Tuesday, it said on its website.

Singapore is far from alone in seeking to prevent citizens from being burned by the notoriously volatile nature of cryptocurrencies. Its missive came after Bitcoin hit a rough patch, tumbling almost 40% from a November peak.

The UK this week proposed tougher rules on billboards that have popped up across the London subway. Spain’s markets regulator has asked that campaigns for digital assets carry a warning to investors that they risk losing all their money.

Daenerys is among more than 100 firms operating various services related to crypto during a grace period while waiting for the MAS to conclude a licensing process. – Bloomberg

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Tech News

Kenya video gamers face uphill battle to make their mark
Victims of credit-for-sex scams lose at least S$402,000 since January this year
California parents could soon sue for social media addiction
Facebook, Instagram to reveal more on how ads target users
Cryptoverse: Is the end of the bitcoin winter nigh?
To use rather than collect, the second coming of NFTs
Palantir, Trafigura aim to track carbon emissions for the oil, metals industry
Samsung to invest $356 billion over five years in strategic sectors
US state sues Mark Zuckerberg over Cambridge Analytica privacy breach
‘End of an era’ as New York removes last of its iconic payphone booths

Others Also Read