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Luno to shut down Singapore business | Business

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Digital Currency Group’s Luno crypto exchange plans to pull out of the Singapore market and scrap its application for a licence in the city state. | News24_Business

Luno’s services won’t be available in Singapore from June 20, and the exchange told the Monetary Authority of Singapore that it no longer wants a permit, the platform said in a The move stems from"a regular evaluation of our global strategy," Luno said, adding Singapore customers should withdraw tokens and funds by June 19.

Luno in April 2022 said it had obtained in-principle approval from the MAS to provide digital payment token services. Singapore since then has proposed curbs on crypto trading by retail investors, following last year’s $1.5 trillion rout in digital assets. The plunge blew up a series of crypto outfits, including some with links to the city state.

 

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