empty
19.01.2022 04:27 PM
Singapore is shutting down bitcoin ATMs

Cryptocurrency ATMs are closing as the city-state tries to limit consumer marketing of the cryptocurrency after the initial domestic approval of bitcoin.

Singapore is shutting down bitcoin ATMs

Daenerys & Co, which operates five crypto ATMs across the city, said it ceased its ATM services according to the Monetary Authority of Singapore guidelines received late on Tuesday.

This image is no longer relevant

The company's five ATMs, located in Singapore's malls, offered people a quick and reliable way to buy tokens like bitcoin and ethereum for fiat currency. However, the idea of a quick and easy way for retail investors to trade cryptocurrency was not approved by the regulator, which explicitly mentioned the ATMs in their guidelines released Monday.

According to the MAS, such offerings may lead the public to trade cryptocurrencies "on impulse, without considering the risks."

Daenerys & Co said it was "surprised" by the new MAS guidelines on ATMs.

The company also said it was keeping ATMs offline while trying to get clarification from the central bank (Daenerys & Co is among more than 100 firms providing various cryptocurrency-related services during a grace period while waiting for the MAS to complete the licensing).

Another crypto ATM operator, Deodi Pte, said it had also shut down its sole ATM.

Governments crack down on crypto

Singapore is not alone in its effort to protect its citizens from the bankruptcy attributed to the volatility of cryptocurrencies. However, the haste with which the country's government changed its policy right after bitcoin went through a rough patch, dropping by nearly 40% from its November peak, is surprising.

The UK also proposed tougher rules this week. In particular, the rules were related to the billboards that are placed on the London Underground.

Meanwhile, the Spanish market regulator has asked the digital asset companies to place a warning to investors that they may lose all their money.

Crypto investors argue about the collapse of cryptocurrencies. However, we warned that the wave of excitement will subside as soon as the Fed starts tightening its policy. Markets are experiencing an outflow of investments, especially in high-risk assets. Bitcoin and its counterparts are likely to undergo a deep correction, but it must take place to "let the extra air out of the bubble," otherwise the scale of losses may be much more significant.

Egor Danilov,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Egor Danilov
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Bitcoin Forecast for July 18, 2025

Yesterday, Bitcoin tested the support level of 117,730 with a long lower shadow on the daily candle and closed the day above the inner line of the green price channel

Laurie Bailey 04:46 2025-07-18 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 17

Bitcoin attempted several times yesterday to break above the 120,000 level but failed to succeed. Ethereum, on the other hand, completed its task and easily jumped from 3,100 to 3,300

Miroslaw Bawulski 09:05 2025-07-17 UTC+2

Some market makers fix profits

Meanwhile, as Bitcoin rebounded to the $119,000 level, some major players in the cryptocurrency market were quick to take profits after recent large price movements. Investment firm Ark Invest

Jakub Novak 13:22 2025-07-16 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 16

Yesterday, Bitcoin experienced a modest correction but overall remained above the $117,000 mark, clearly indicating that its bullish prospects remain intact — it just needs a catalyst. Ethereum climbed back

Miroslaw Bawulski 09:51 2025-07-16 UTC+2

Bitcoin in limbo

Bitcoin buyers appear to be somewhat confused, as the FOMO currently dominating the market could backfire on those trying to jump on the "last train", — which, in reality

Jakub Novak 15:34 2025-07-15 UTC+2

Crypto week

While Bitcoin and Ethereum are undergoing a correction and doing so rather effectively, lawmakers and cryptocurrency advocates in the United States are preparing for one of the most important weeks

Jakub Novak 11:19 2025-07-15 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 15

Bitcoin has dropped from its all-time high of $123,000 and is currently trading at $117,000, which only increases its appeal. Ethereum has also fallen back below the 3,000-dollar level, after

Miroslaw Bawulski 09:31 2025-07-15 UTC+2

Bitcoin outpaces Amazon in terms of market cap

Bitcoin has reached a new all-time high near $122,000, surpassing Amazon in market capitalization. This event is undoubtedly a landmark moment in the history of cryptocurrencies and traditional finance

Jakub Novak 10:52 2025-07-14 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 14

Bitcoin hit another all-time high above $122,000, continuing its winning streak. Ethereum has also strengthened and is trading above $3,000, but has not yet reached the all-time high. Bitcoin's rally

Miroslaw Bawulski 09:53 2025-07-14 UTC+2

Bitcoin Forecast for July 14, 2025

Bitcoin Bitcoin is showing extreme boldness amid the general market sentiment of risk aversion. However, if such sentiment continues, the upper limit of Bitcoin's growth also becomes visible — 125,190

Laurie Bailey 05:31 2025-07-14 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.