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Luno shutdowns its Singapore operations



Luno announced shutting down its services in Singapore starting 20th June, 2023. Having made certain evaluations leading to the halt, Luno said it was a weighty decision for the team to make.

The Luno team made the decision as part of a regular evaluation of the firm’s global strategy and presence. Since 2016, Luno has been offering crypto services to Singapore residents and following the shutdown decision, the team also informed the Monetary Authority of Singapore of their intention to withdraw its license application.

The shutdown is particular to Singapore and will not affect Luno’s operations in other regions. As a result, Luno calls on all its Singaporean customers to withdraw all cryptocurrency assets and/or SGD (Singapore Dollar) from their Luno Wallet on or before 19th June 2023.

Specifically, as of 00:00 (GMT +8) on 20th, June 2023, all Luno accounts belonging to Singapore customers will be closed, and users will no longer be able to log in and access their accounts.

Luno stated that “any remaining cryptocurrency in wallets after this time will be sold at the prevailing market price and stored as SGD.” Additionally, Luno mentioned that it possesses the right to charge a monthly dormant account fee for holding funds on any customer’s behalf after 20 June 2023.

To withdraw the funds, customers can either sell their crypto for SGD, or send their crypto out to another wallet or exchange. However, If by the given time any user didn’t manage to withdraw their funds in time, such customers will have to contact the help centre and they will have their funds manually withdrawn to an account in their name.

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