In Singapore, where advertisements related to cryptocurrencies have been restricted, some crypto money ATMs are now being taken out of service.
Daenerys & Co., the leader of the cryptocurrency ATM market in Singapore, has decided to cease operations in line with the instruction it received from Singapore’s central bank, MAS.
Speaking to Bloomberg on behalf of Daenerys, “The new decisions of MAS regarding ATMs came as an unexpected surprise for us.” said.
The ATMs that the company installed in shopping malls across Singapore made it easy for people to buy cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) in exchange for fiat money.
Singapore’s central bank, MAS, says that individual investors are so keen on cryptocurrencies. fast and easy He imposed restrictions on ATMs on the grounds that accessing ATMs in a way that could lead to negative results. In the statements made by the central bank, it was stated that such ATMs can push people to “buy and sell on impulse”.
Daenerys will be keeping its ATMs closed until the central bank makes a more detailed statement on the matter. Deodi Pte. Another ATM operator, named the ATM, took the ATM out of service.
The central bank, in its statements a few days ago, said that cryptocurrencies “highly risky and unsuitable for the general public” He also called for restrictions on advertising related to cryptocurrencies. Authorities in Spain are also advocating for cryptocurrencies. placing a warning took action for it.