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Crypto firm Luno to cease Singapore operations, users advised to withdraw funds

TL;DR

  • Luno has revealed plans to shutter its Singapore operations on June 20, 2023, following a “regular evaluation of its global strategy and presence.
  • Singapore customers are advised to withdraw all their cryptocurrency or SGD from their Luno wallet by June 19, 2023.

Global cryptocurrency company Luno has revealed plans to shutter its Singapore operations on June 20, 2023, following a “regular evaluation” of its global strategy and presence.” This surprising announcement comes shortly after Luno co-founder Marcus Swanepoel stepped down as CEO, with former Chief Operating Officer James Lanigan taking the reins.

Luno withdraws license application, assures continuity in other regions

Luno has withdrawn its license application from the Monetary Authority of Singapore but has assured users that the decision will not impact its operations elsewhere. Singapore customers must withdraw all their cryptocurrency or SGD from their Luno wallet by June 19, 2023. All Singapore-based Luno accounts will be closed on June 20, preventing users from logging in and accessing their accounts.

Customers can transfer their crypto holdings to other reputable platforms or private wallets as needed.

Luno to charge inactive account fee for unclaimed funds

If a user fails to withdraw their crypto before June 19, 2023, Luno will sell it at the prevailing market price and convert it to SGD, with a spot buy/sell fee of 0.75% applied. Luno then reserves the right to charge a monthly Inactive Account Fee for holding SGD on behalf of users after this date. In a statement, Luno expressed gratitude to its Singaporean customers, 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.”

Luno Team

Customers are advised to visit Luno’s Help Center for detailed withdrawal instructions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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