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Crypto Exchange Luno to Withdraw From Singapore
The firm will stop serving customers in the city state on June 20.
Updated May 9, 2023, 4:12 a.m. Published Apr 18, 2023, 12:23 p.m.
Cryptocurrency exchange Luno will stop providing services to customers in Singapore as of June 20, the firm said on Monday.
Luno has informed the Monetary Authority of Singapore that is withdrawing its application for a license to operate in the southeast Asian city state as part of an "evaluation of [its] global strategy and presence."
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In a separate announcement, Luno said that customers in neighboring Malaysia are unaffected and that the exchange will continue to operate there.
Luno recently hired investment bank Canaccord Genuity Group to help attract new investors in order to finance its growth and expansion plans, with an eye on a public listing in the future.
Customers in Singapore have until June 19 to withdraw all funds they hold on the platform.
Luno is owned by Digital Currency Group, which is also the parent company of CoinDesk.
Read More: Binance's Custody Arm Ceffu Will Apply for Singapore License: Report
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