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