Singapore central bank shuts down cryptocurrency ATMs

The Monetary Authority of Singapore, the central bank of the country, has cracked down on cryptocurrency ATMs with regulations that ban cryptocurrency firms from advertising services in public places, websites and social networks. As a result, cryptocurrency ATMs had to shut down their operations last week, according to a report by Cointelegraph.

Cryptocurrency ATM operators such as Daenerys & Co. were reportedly surprised by the news as the country had previously been relatively friendly to cryptocurrency operators.

Other countries are also beginning to crack down on cryptocurrency with Spain now requiring crypto businesses to submit advertising campaigns for regulatory approval, according to the report.