Cryptocurrency exchange Luno has announced that it will be withdrawing from Singapore by June 20, leaving many Singaporean customers with just a few weeks to withdraw their funds, media reports said.
The move comes as part of Luno’s evaluation of its global strategy and presence, and the company has already informed the Monetary Authority of Singapore of its decision.
However, customers in neighboring Malaysia need not worry, as the exchange has stated that it will continue to operate there. Luno has 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.
Digital Currency Group owns Luno, and this move comes as a surprise to many Singaporean customers who have been using the exchange for their cryptocurrency needs. Many are now scrambling to withdraw their funds before the June 19 deadline, leaving some wondering what their next move will be.
Some experts believe that Luno’s withdrawal from Singapore is a result of the increasingly complex regulatory environment in the country. Singapore has been tightening its regulations on cryptocurrencies and exchanges, and this move could be seen as a preemptive measure by Luno to avoid any potential legal issues.
Regardless of the reason behind Luno’s withdrawal from Singapore, it is clear that this move will have an impact on the cryptocurrency market in the country. Customers will need to find alternative exchanges to trade on, and the overall market could experience some turbulence in the short term.
