This is the second Bitcoin kiosk in Singapore

First the good news:

Singapore-based Bitcoin startup Bitcoin Exchange has launched its second Bitcoin kiosk, — this time, in Tiong Bahru Plaza, a shopping mall situated in the country’s heartlands.

This is the second Bitcoin machine it has launched in the country. It first launched its Bitcoin machine in Citylink mall, before moving it to Hong Lim Complex in Chinatown.

Bitcoin buyers receive their Bitcoins by scanning a QR code, which sends the Bitcoins to their Bitcoin wallets.

“Our Bitcoin machines offer the fastest access to this new and growing asset class in Singapore. They allow our customers to convert cash to bitcoins in less than 15 seconds. Our machines will also enable the purchase of other crypto-currencies within the next few months,” said Zann Kwan, Executive Director of Bitcoin Exchange, in an official press release.

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Now for the bad news:

Singapore-based Bitcoin wallet CoinHako has found themselves entangled in regulatory red tape, which has forced them to shut down its DBS corporate bank account. As a result, it has halted all deposits or withdrawals from Singapore accounts. CoinHako said that this suspension is temporary, and it will continue to be in operation.

Account holders can still use their remaining Singapore dollars to purchase Bitcoins or Ether.

“We are actively seeking out alternative banking arrangements locally. We are glad to share that we are currently in discussion with a few other financial institutions,” said CoinHako. It expects to have a new account up and running within the next two weeks.

Currently, 1 Bitcoin sells for about S$5,147 (US$3,824)

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Image Credit: Bitcoin Exchange

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