Singapore, a crypto-friendly country, has imposed a ban on cryptocurrency ATM services

<p>On Tuesday, authorities in Singapore, a supposedly crypto-friendly country, ordered that crypto ATMs across the country be shut down. </p> <p>The two largest crypto ATM operators in the city-state, Daenerys & Co. and Deodi Pte, were forced to comply with the Monetary Authority of Singapore's (MAS) directive, which they termed as a 'unexpected surprise.' </p> <p>The MAS stated that it has "consistently advised the public that trading digital payment tokens...is extremely dangerous and unsuitable for the general public" and that "the public should not be encouraged to engage in DPT trading." </p> <p>"In response to the abrupt statement, we have suspended offering purchase or sell services through our ATMs while we seek clarification from the MAS," a Daenerys representative said. </p> <p>Users can continue to purchase cryptos despite the restrictions, but their purchases will be more careful and less impulsive. </p> <p>Why is Singapore suddenly cracking down on cryptocurrency ATMs? </p> <p>According to reports, the crackdown is part of a bigger push by Singapore's watchdog to control cryptocurrency advertising to the general public. On Monday, the central bank issued fresh instructions prohibiting cryptocurrency firms from advertising their services in public spaces, on websites, and on social media. </p> <p>However, the action is strange for a country that many believe is crypto-friendly. Coincub, a Singapore-based fintech firm, named Singapore the world's most crypto-friendly country in December, citing the city-"favourable state's legislative climate" and "rapid rate of cryptocurrency acceptance." However, it appears as though something is going to change. </p> <p>It's worth noting that Singapore's crackdown on cryptocurrency comes on the heels of similar restrictions on advertising in Spain and the United Kingdom. The Spanish government mandated on Monday that cryptocurrency businesses submit advertising campaigns for regulatory clearance ten days in advance, while the United Kingdom initiated a revie