Global crypto company Luno has announced that it will no longer offer its services in Singapore starting June 20, 2023. However, the decision will not affect its operations in Malaysia.
Luno said that the move was part of a “regular evaluation of its global strategy and presence.”
All Luno accounts that belong to Singaporean customers will be closed by June 20 this year, and users will need to withdraw all their cryptocurrency or Singapore dollars from their Luno Wallet by June 19. According to the firm, customers can transfer their crypto holdings to other “reputable platforms” or private wallets.
If users fail to withdraw their crypto holdings by June 19, these will be sold at the prevailing market price and stored as Singapore dollar, and Luno’s existing instant transaction fees of 0.75% will apply.
“As a key financial hub in the region and an innovator in financial technology, Singapore has the potential to lead the way in using crypto to build a fair and robust financial system,” the company said in a statement.
In February, Luno Malaysia dismissed concerns raised by industry insiders over the intermingling of customer funds with those from Digital Currency Group (DCG), the exchange’s parent firm, or from any of its subsidiaries.