Luno ceases Singapore crypto exchange, withdraws licence application

CRYPTOCURRENCY platform Luno announced on Tuesday (Apr 18) that it is closing down its cryptocurrency exchange in Singapore from Jun 20, 2023.

It said that this decision was made as part of a regular evaluation of its global strategy and presence. 

Luno has also informed the Monetary Authority of Singapore (MAS) that it intends to withdraw its licence application. The company received in-principle approval from the MAS last year to provide cryptocurrency services in Singapore.

Luno Singapore has advised customers to withdraw all cryptocurrency and Singapore dollars from their Luno Wallet by Jun 19, 2023.

In a separate statement, Luno Malaysia noted that the ceasing of services in Singapore will not impact its Malaysian operations.