Crypto firm Luno to cease Singapore operations, users advised to withdraw funds
Following a "regular evaluation of its global strategy and presence," the international cryptocurrency corporation Luno has announced plans to close its Singapore operations on June 20, 2023. This unexpected news comes just after James Lanigan, the previous chief operating officer, took over as CEO of Luno after co-founder Marcus Swanepoel resigned.
Luno withdraws license application, assures continuity in other regions
The Monetary Authrity of Singapore denied Luno's application for a license, but the company has assured consumers that the move won't have an effect on its activities overseas. By June 19, 2023, Singaporean users must withdraw all cryptocurrencies or SGD from their Luno wallet. On June 20, all Singapore-based Luno accounts will be shut down, making it impossible for users to log in and access their accounts.
Customers can move their cryptocurrency assets as needed to trustworthy exchanges or personal wallets.
Unclaimed money fees will be charged by Luno for inactive accounts.
A spot buy/sell fee of 0.75% will be charged by Luno if a user fails to withdraw their cryptocurrency by June 19, 2023. Luno will then sell it at the current market price and convert it to SGD. After this date, Luno retains the right to impose a monthly Inactive Account Fee for keeping SGD on behalf of users. Luno expressed its appreciation to its Singaporean clients in a statement, saying:
“We have been privileged to support thousands of investors in Singapore on their crypto journey since 2016 and would like to thank everyone who has entrusted their investments to us.”
For comprehensive withdrawal instructions, customers are urged to visit Luno's Help Center.