DCG Linked Crypto Exchange Luno Withdraws from Singapore

Crypto exchange Luno announced on Monday that it would soon suspend its operations in Singapore. Customers have until June 19 to withdraw cryptocurrencies from their Luno Wallets.

Cryptocurrency exchange Luno informed its customers that from June 20, 2023, it would no longer offer its services in Singapore. The exchange, whose parent company is the crypto venture capitalist Digital Currency Group (DCG), said it intends to withdraw its license application to operate in the city-state from the Monetary Authority of Singapore.

Luno explained the move is part of an “evaluation of [its] global strategy and presence.” The exchange added that the decision would not affect other regions it operates in. Luno said in a statement on its website:

We understand that this will be disappointing news for many of you, and it’s not a decision we’ve taken lightly.

Adding:

As a result of this decision, we have also informed the Monetary Authority of Singapore (MAS) of our intention to withdraw our licence application. Our operations in other regions are not impacted by this decision.

Luno Cuts 35% of its Global Workforce

The London-based exchange said in January that it would be letting go of 35% of its global workforce – amounting to 330 jobs. Co-founder and CEO Marcus Swanepoel told employees:

2022 has been an incredibly tough year for the broader tech industry and, in particular, the crypto market. Luno, unfortunately, hasn’t been immune to this turbulence, which has affected our overall growth and revenue numbers.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.