To comply with central bank guidelines, Singapore crypto ATMs were shut down

According to Bloomberg, cryptocurrency ATM providers in Singapore ceased operations on Tuesday. Inorder, to comply with new instructions published by the country’s central bank, the Monetary Authority of Singapore (MAS).

Daenerys & Co. and Deodi Pte, two crypto ATM operators, have halted operations until more clarification from the MAS.

New central bank guidelines published on Monday prohibit crypto firms from advertising their services in public places. That’s, on websites, or on social media unless they have their own official websites and social media accounts.

Businesses are also under prohibition from providing actual crypto ATM services under the standards.

According to the MAS, allowing easy access to digital assets through ATMs. That’s, may encourage impulse-driven crypto trading without understanding the risks.

Related Posts – Ex-SEC Chair, Jay Clayton Believes Cryptocurrency Industry Is For Long Haul