Cryptocurrency exchange Luno announced yesterday (April 17) that it will no longer be providing services to customers in Singapore from 20 June 2023.
The company said it was a difficult decision to make, but it was part of a regular evaluation of its global strategy and presence.
Luno has been operating in Singapore since 2016 and has supported thousands of investors on their cryptocurrency journey. The company has been a key player in Singapore’s fintech industry, but it believes the country has the potential to lead the way in using crypto to build a fair and robust financial system.
“We understand that this will be disappointing news for many of you and it’s not a decision we’ve taken lightly. It’s always been our mission to put the power of crypto in everyone’s hands. This is still true,” said Luno on its blog.
The news of Luno’s withdrawal from the Singapore market has come as a shock to many of its customers. However, the company has assured them that it will work closely with them to ensure a smooth transition and that all withdrawals will be processed in a timely and efficient manner.
For a smooth withdrawal process, Luno has requested its customers in Singapore to withdraw all cryptocurrency and/or SGD from their Luno Wallet by 19 June 2023.
Luno has also informed the Monetary Authority of Singapore of its intention to withdraw its license application. It was previously granted in-principle approval under the Payment Services Act to provide digital payment token services in Singapore in April last year.
However, the company assured that its operations in other regions are not impacted by this decision.
Featured Image Credit: Luno