Fairdesk, a Singapore-based crypto exchange launched in 2021, will permanently close on Nov. 30.

The decision comes amid shifting market conditions and regulatory changes, according to a company release.

Fairdesk built a reputation for offering futures trading, spot trading, and other crypto services to a global user base. However, the company’s leadership has opted to wind down operations, citing challenges in the current environment.

Effective Oct. 17, all trading activities on Fairdesk will cease, with only withdrawals allowed until the final closure date. Fairdesk encouraged its users to withdraw their funds before the Nov. 30 deadline.

What was Fairdesk?

Fairdesk was a derivatives trading platform based in Singapore, allowing users to go long and short on digital assets. It offered leverage up to 125x, enabling traders to maximize potential gains with minimal capital.

The platform was known for its high performance, reliability, and low transaction fees, positioning itself as a trusted exchange for day traders.  

Fairdesk also featured strong security measures, keeping user funds in cold wallets and ensuring every transaction was manually inspected and signed offline.

The opening, nine months after OKX Middle East Fintech FZE was granted full regulatory approval by the Virtual Assets Regulatory Authority (VARA), will allow one of the four biggest cryptocurrency exchanges by volume to offer local residents access to a market without involving a broker who buys liquidity from outside the UAE, usually at a higher price, adding time and friction, said Rifad Mahasneh, the exchange’s general manager for the Middle East.

Four cryptocurrency companies and 14 individuals have been charged in what U.S. prosecutors describe as the first criminal prosecution targeting market manipulation and sham trading in the crypto industry.

The companies involved — Gotbit, ZM Quant, CLS Global, and MyTrade — are accused of engaging in fraudulent practices designed to manipulate crypto markets, according to Reuters.

The U.S. Department of Justice in Boston announced the charges following an extensive investigation that led to arrests overseas. Five people have either pleaded guilty or agreed to do so, per Reuters.

Some of the individuals listed in the indictment resided in Hong Kong and the United Kingdom, while others lived in the United States.

Illicit crypto activities

The accused behaviors included conspiracy to defraud investors through illegitimate advertising, market manipulation, manipulative trades, the use of multiple wallets, online marketing, messaging applications, and artificially inflating crypto prices, according to the indictment document.

Gotbit, one of the key firms implicated, has faced multiple allegations of unethical behavior in the past. The company, previously linked to several “rug pull” scams where developers vanished with investor funds, is no stranger to controversy.

Gotbit had previously acknowledged engaging in questionable business practices, further cementing its notorious reputation in the crypto space.

Based in the United States, ZM Quant offered what appeared to be market-making services. However, according to court documents, these services allegedly involved manipulative tactics such as wash trading, creating fake volume to inflate token prices, and misleading investors.

These charges highlight concerns over market integrity in the crypto space, as federal prosecutors indicated that crypto firms are subject to scrutiny similar to traditional financial institutions. This case marks one of the first criminal actions against firms like ZM Quant for such behavior.