Crypto platform Luno exits Singapore market

Cryptocurrency platform Luno will no longer make its services available in Singapore from June 20 onwards.

In a note on its website, the company said the decision was made as part of a regular evaluation of its global strategy and presence.

“As a result of this decision, we have also informed the Monetary Authority of Singapore (MAS) of our intention to withdraw our licence application. Our operations in other regions are not impacted by this decision,” it adds.
Luno received its in-principle approval from the MAS under the Payment Services Act to provide digital payment token services in Singapore in April last year.

Customers are urged to withdraw all their cryptocurrencies and Singapore dollars from their Luno Wallet by June 19. From June 20 onwards, all Luno accounts belonging to Singapore customers will be closed.

London-based Luno was co-founded by Marcus Swanepoel and Timothy Stranex in 2013. The company was acquired by venture capital firm Digital Currency Group in September 2020.

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