On November 30th, the cryptocurrency exchange Fairdesk, which was founded in 2021 and is situated in Singapore, will be shut down forever.
According to a press statement issued by the corporation, the decision was made in the midst of evolving market circumstances and changes in regulatory policies.
Fairdesk has established a name for itself by providing spot trading, futures trading, and other cryptocurrency-related services to a user base that spans the whole world. However, the leadership of the firm has decided to wind down operations, citing difficulties in the present climate as the reason for their decision.
An organization that specializes in blockchain data, Arkham Intelligence Inc., is getting ready to establish a new bitcoin derivatives exchange in the month of November 2024.
The corporation is moving its activities from London and New York to Punta Cana, which is located in the Dominican Republic. This is because the exchange will be having its headquarters there.
This new platform will reportedly be geared at retail investors, however users in the United States will not be able to use it, as stated in a report by Bloomberg. In addition to this, Arkham is working at acquiring a license to operate a free-trade zone in the Dominican Republic, which would result in favorable tax treatment for firms.
According to another report by Bloomberg, the business is attempting to collect up to one hundred million dollars from investors in the Middle East in order to assist in expanding its activities.
Furthermore, the market for bitcoin derivatives is large, with centralized exchanges managing a trading volume of $3.07 trillion in September 2024. This represents around 71% of the total trading volume for cryptocurrencies throughout the world.
The most recent data from CCData indicates that the market share of Binance Exchange has reached a four-year low, falling to 27%. This is despite the fact that Binance Exchange is now dominating this market. This creates opportunity for new players like as Arkham to enter the market.
