Due to “regular evaluation of its global strategy and presence,” cryptocurrency exchange Luno announced that it will stop operating in Singapore as of 20 June 2023. According to a blog post published by the platform on Monday, the exchange informed the Monetary Authority of Singapore (MAS) that it is forfeiting its want for a permit.
Users must empty their Luno Wallet of all cryptocurrency or SGD by June 19, 2023. By June 20, all Singaporean users’ Luno accounts will be removed and they won’t be able to sign in or access their accounts any longer.
A customer’s cryptocurrency will be sold at the current market price and kept as SGD if they fail to withdraw it by June 19, 2023. Here, the 0.75% Instant Buy/Sell fee from Luno will be used.
Following this date, Luno retains the right to impose a monthly dormant account fee for retaining the SGD on the user’s behalf.
The announcement follows Marcus Swanepoel, a co-founder of Luno, quitting his position as CEO and being replaced by James Lanigan, the previous COO.
In April 2022, Luno announced that it has received in-principle clearance from the MAS to offer services including digital payment tokens.
The potential of cryptocurrencies in Singapore has been reevaluated as a result of the country’s tougher approach, particularly as Hong Kong works to establish itself as a centre for companies dealing in digital assets.
Regardless, Singapore has not lost its “potential to lead the way in using cryptocurrency to build a fair and robust financial system,” according to Luno.
Troubled crypto firm DCG bought London-based Luno in 2020. Luno was one of the many companies in the crypto industry that undergo a significant layoff process.
In-principle approvals have been granted to more than a dozen businesses, including Coinbase Global Inc. and Blockchain.com, to offer digital payment token services in Singapore.
