Singapore: Luno crypto exchange returns from exile after 2 years

Luno crypto exchange is ready to re-launch operations in Singapore.

Luno crypto exchange back in Singapore after two years

Luno exchange is ready to start operations in Singapore once again. Luno crypto exchange was exiled for nearly two years from Singapore after a squabble with local banking institutions. Now the company is coming back after two banks have created accounts on the platform.

The news was confirmed by Sherry Goh and Vijay Ayyar, Luno’s heads of Singapore and Asia, respectively. The two confirmed the news and announced that the account created by the bank would allow Luno to pay its workers and allow users to deposit money as well. Regardless, the London-based company will have limited access to the country as Luno is still unable to receive money from other investors.

Luno was initially established in Singapore as BitX in 2013. The company operated for four years, after which its bank accounts in the country were shut down. Luno was not the only crypto exchange to face these circumstances. Many crypto exchanges in the nation were caught in a quarrel with Singapore’s Banking institutions.

It was alleged that they were facilitating crime and had illegal income flows. The company was left with no other choice but to move. The company moved to London after being accepted by the UK’s Financial Conduct Authority. Since then, the company has been expanding into Europe and Africa.

Singapore has been warming up to digital assets recently. A few days ago, it was revealed that Sygnum had received a banking license to operate in Singapore. Sygnum is a crypto bank that is based in Switzerland and is one of the pioneers in its respective sectors.

Featured image by Flickr.com

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