Crypto ATMs offline as Singapore seeks to curb 'on impulse' trading

A Daenary’s and Co cryptocurrency ATM booth is pictured in Singapore, after the crypto ATM operator in Singapore said they have ceased crypto trading services on their five crypto ATMs to comply with Monetary Authority of Singapore (MAS)'s new guideline announced on Monday, on Jan 19, 2022.

SINGAPORE - Cryptocurrency automatic teller machines (ATMs), which provide a convenient platform for trading in digital tokens, are being taken offline in Singapore, as its central bank limits consumer advertising of crypto.

Crytocurrency ATMs enable users to trade digital payment tokens (DPT) like Bitcoin and Ether with fiat money, or government-issued currency.

The Monetary Authority of Singapore's (MAS) in new guidelines announced on Monday, said such convenient access may mislead the public to trade "on impulse".

Daenerys & Co, the biggest crypto ATM operator in the city-state in terms of its footprint, has shut down all of its crypto ATMs to comply with the guidelines, which it said came as a surprise.

ALSO READ: MAS issues guidelines to discourage crypto trading by public

"To comply with the sudden announcement, we have ceased to offer buy or sell services via our five ATMs while seeking further clarification from the MAS," Daenerys said in response to Reuters queries.

Another crypto ATM operator, Deodi Pte, on its website said it had also shut down its sole ATM in compliance with the guidelines.

Both Daenerys and Deodi are among the more than 100 firms that have applied to the MAS for a license to offer DPT services.