• Luno is among the first options of crypto exchanges for Singapore.
• Crypto Platforms must have a MAS license to operate in Singapore.
With Singapore’s crackdowns on Binance, one of the most widely used cryptocurrency exchanges in the country, major crypto platforms are competing for its spot. Binance will probably stop operating in Singapore after national authorities restrict its services.
Singapore is becoming the main country in Asia that takes advantage of the crypto market. But since Binance.com arrived in the country, restrictions have not stopped coming out, which has disabled its growth.
Singapore main focus of crypto platform tussle
Singapore is reportedly becoming the main focus of the fight between crypto platforms. The companies are fighting to obtain a degree from “MAS” to help them operate without problems. But to obtain it, the exchanges must comply with a couple of rules that the national authority requires in the registry. For many of these platforms, it is impossible to fulfill the conditions.
Among the crypto platforms active in the country are Cabital, Luno, and Matrixport, the perfect alternative to Binance.com. Luno, ranked number three among the most used crypto exchanges in Singapore, is also trying to stay by launching exchange funds and trading options with major tokens like Bitcoin.
With Luno, citizens can send their funds from their bank to the default wallet. This shows that the exchange could be selected to operate in the country, putting Matrixport and Cabital aside.
According to the Luno CEO, Singapore enters the company’s priority list, which is why they are struggling to stay. Sherry Goh, Luno’s agent, adds that Singapore has a good reputation in the crypto space; only the rules that the authorities indicate should be followed.
Crypto space is uncertain in Singapore
But the Singapore authority has not yet cast a vote against cryptocurrencies, although it continues to crack down on crypto platforms. The latest regulations applied directly to Binance.com, where it was kindly asked to stop operating in the country. This Binance departure from the country opens space for other exchanges to take their place, but many things need to change to replace the exchange.
Binance.com ranks at the top of the world’s most used crypto platforms alongside Coinbase and Robinhood. The exchange allowed trading with over 100 different cryptocurrencies in the country and offered all the trading tools.
Luno could be one of the few crypto platforms in the world to compete with Binance.com in Singapore, although if approved by regulators, it should also improve its security. This crypto platform accepts the purchase/sale of major tokens such as Bitcoin, Ethereum, and Litecoin.