Cryptocurrency exchange Luno announced that it is exiting the digital asset market in Singapore.
As of June 20, 2023, Luno will cease operations and no longer offer its services to users in Singapore. All clients will have until June 19, 2023, to withdraw all cryptocurrency assets and funds from their wallets on the exchange.
The company's exit from the cryptocurrency market in Singapore is due to a regular evaluation of the exchange's strategy and presence in the region, as Luno explains on its website. The cryptocurrency exchange has already informed the Monetary Authority of Singapore about the withdrawal of its license application.
At the same time, the cryptocurrency exchange said that the termination of its operations in Singapore will not affect its work in other countries.
Six years ago, Luno shut down its operations in Singapore due to the suspension of bank accounts amid concerns about illegal financial activities involving cryptocurrencies. Two years later, the exchange reopened its services in Singapore.
Two months ago, the cryptocurrency exchange cut its staff by 35 percent due to weak financial performance in 2022.
Founded in 2013, Luno Crypto Exchange provides its clients with its own trading platform with convenient features for trading and exchanging cryptocurrencies. The company offers a profitable investment system with a high annual interest rate and pays great attention to the security of user data and funds.
