Luno Shutters Singapore Operations, Users Need to Make Withdrawals by 19 Juneby Fintech News Singapore April 17, 2023
Global cryptocurrency company Luno announced that it will cease its operations in Singapore from 20 June 2023 onwards due to a “regular evaluation of its global strategy and presence”.
The shocking news comes on the heels of Luno’s Co-founder Marcus Swanepoel stepping down as CEO and was succeeded by James Lanigan who was formerly the Chief Operating Officer.
Luno said that it has withdrawn its license application from the Monetary Authority of Singapore and reassured its users that its operations in other regions are not impacted by this decision.
User will need to withdraw all their cryptocurrency or SGD from their Luno Wallet by 19 June 2023. All Luno accounts belonging to Singapore customers will be closed by 20 June and they will no longer be able to log in and access their accounts.
Users will also be able to transfer their crypto holdings to another reputable platforms or private wallets.
If a customer fails to withdraw their crypto before 19 June 2023, it will be sold at the prevailing market price and stored as SGD. In this instance, Luno’s Instant Buy/Sell fee of 0.75% will apply here.
Luno then reserves the right to charge a monthly dormant account fee for holding the SGD on the user’s behalf following this date.
“We are privileged to have supported thousands of investors in Singapore on their crypto journey since 2016 and we want to thank everyone who has entrusted us with their investments. For detailed instructions on how to make your withdrawal, please read our Help Centre article. Thank you again for your trust and support. We apologise for any inconvenience caused.”