Luno Withdraws From Singapore Market, Stops Serving Customers On June 20

Key Points:

• Luno will withdraw its licensing application and quit the Singapore market.
• The exchange announced that its services would be discontinued in Singapore as of June 20.
• The change was made as part of a routine review of the company’s worldwide strategy and presence.

The Luno crypto exchange of Digital Currency Group intends to exit the Singapore market and withdraw its application for a license in the city-state.

Luno has told Singapore’s Monetary Authority that it is withdrawing its application for a license to operate in the Southeast Asian city-state as part of an assessment of its worldwide strategy and presence.

Its services will be unavailable in Singapore beginning June 20, and the exchange has informed the Monetary Authority of Singapore that it no longer requires permission, according to a blog post published on Monday.

On April 27, 2022, the business was given in-principle authorization under the Payment Services Act to offer digital payment token services in Singapore.

Customers in adjacent Malaysia are unaffected, according to Luno, and the exchange will continue to function there.

The country’s toughening posture has caused a rethinking of crypto potential, especially as Hong Kong wants to become a center for digital-asset enterprises.

According to Luno, Singapore continues to have the potential to lead the way in leveraging crypto to establish a fair and resilient financial system.

Luno, which was launched in 2013, formerly had regional centers in Singapore and Cape Town. Although the exchange is leaving Singapore, it is extending its services to South Africa.

DCG, the embattled cryptocurrency corporation, purchased London-based Luno in 2020. Luno is one of several companies that have let off employees in recent months as the crypto industry has shrunk.

In August 2022, the first crypto business to withdraw its license application was lender Hodlnaut.

Luno has recruited investment bank Canaccord Genuity Group to assist it in acquiring new investors to fund its development and expansion goals, with the goal of eventually going public.

After last year’s $1.5 trillion crash in digital assets, Singapore has recently suggested restrictions on retail crypto trading. The crash blasted out a slew of crypto ventures, including those with ties to the city-state.

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Harold

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