On January 19, Daenerys & Co, the largest crypto ATM operator in Singapore, announced that it has stopped providing services in order to comply with the requirements of the Monetary Authority of Singapore. The five machines, mainly located in shopping malls around Singapore, provide a convenient way for people to use fiat currencies to buy tokens such as bitcoin and ether.
Another operator, Deodi Pte, said on its website that it shut down its only machine on Tuesday. The regulator explicitly mentioned ATMs in guidelines issued on Monday. Such products could encourage people to trade “on a whim”, MAS said. Earlier news, the Monetary Authority of Singapore issued guidelines prohibiting crypto trading service providers from marketing to the public.