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Crypto Exchange Luno to Withdraw From Singapore

The firm will stop serving customers in the city state on June 20.

By Jamie Crawley
AccessTimeIconApr 18, 2023 at 12:23 p.m. UTC
Updated May 9, 2023 at 4:12 a.m. UTC
Luno will no longer serve customers in Singapore. (Shutterstock)
Luno will no longer serve customers in Singapore. (Shutterstock)
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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

    Edited by Sheldon Reback.



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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter

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