Singapore closes ATMs

According to Bloomberg on January 19, crypto ATM operators in Singapore resigned on Tuesday to comply with new information released by the Singapore Financial Services Bank, Monetary Authority of Singapore (MAS).

According to the Monetary Authority of Singapore (MAS) prohibiting users from trading cryptocurrencies, cryptocurrency ATMs provide a convenient platform to trade digital tokens offline in Singapore.

Cryptocurrency ATMs allow users to exchange digital payments such as Bitcoin and Ether into fiat or government currencies. The MAS said in a new rule announced on Monday that the easy way out could lead the public to "surprise" offers.