Cryptocurrency trade Luno introduced yesterday (April 17) that it’ll not be offering companies to clients in Singapore from 20 June 2023.
The corporate mentioned it was a troublesome resolution to make, nevertheless it was a part of a daily analysis of its world technique and presence.
Luno has been working in Singapore since 2016 and has supported 1000’s of traders on their cryptocurrency journey. The corporate has been a key participant in Singapore’s fintech business, nevertheless it believes the nation has the potential to prepared the ground in utilizing crypto to construct a good and sturdy monetary system.
“We perceive that this shall be disappointing information for a lot of of you and it’s not a call we’ve taken flippantly. It’s at all times been our mission to place the ability of crypto in everybody’s arms. That is nonetheless true,” mentioned Luno on its blog.
The information of Luno’s withdrawal from the Singapore market has come as a shock to a lot of its clients. Nonetheless, the corporate has assured them that it’ll work carefully with them to make sure a easy transition and that each one withdrawals shall be processed in a well timed and environment friendly method.
For a easy withdrawal course of, Luno has requested its clients in Singapore to withdraw all cryptocurrency and/or SGD from their Luno Pockets by 19 June 2023.
Luno has additionally knowledgeable the Financial Authority of Singapore of its intention to withdraw its license software. It was beforehand granted in-principle approval beneath the Fee Companies Act to offer digital cost token companies in Singapore in April final yr.
Nonetheless, the corporate assured that its operations in different areas should not impacted by this resolution.
Featured Picture Credit score: Luno
