Luno Withdraws from Singaporean Market: What You Need to Know

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The leading global cryptocurrency company Luno shocked many Singaporean traders and investors with its announcement on 17 April. In a blog post on the official web page, the company stated that it would stop offering solutions on the Singapore market, taking into account 20 June 2023. Luno is one of the world’s most prominent cryptocurrency exchanges, with over 8 million registered users in more than 40 countries. It is known for its user-friendly interface and high-quality customer support

The company has performed reasonably well in the Singaporean market, where it has been operating since 2015. It has become a popular choice for Singaporean cryptocurrency traders and investors, who value the platform’s ease of use and reliable service. However, the company withdrew from the market during a routine assessment of its global approach and representation. Consequently, they have notified the Monetary Authority of Singapore of their plan to retract their license application.

“This decision was made as part of a regular evaluation of our global strategy and presence. As a result of this decision, we have also informed the Monetary Authority of Singapore of our intention to withdraw our license application.” Luno stated in their blog post.

Despite the withdrawal, Luno is committed to providing its Singaporean customers excellent service. The company has assured its customers that all transactions and withdrawals will be processed accordingly, and proper customer support will be provided. The exchange’s help center is also an excellent resource where clients can find valuable information and instructions regarding the processes.

Luno is also keen to express its gratitude to its Singaporean customers. In its blog post, the company voiced its appreciation: “We are privileged to have supported thousands of investors in Singapore on their crypto journey since 2016, and we want to thank everyone who has entrusted us with their investments.”

To ensure a seamless withdrawal procedure, Luno has requested its customers to withdraw any cryptocurrency and SGD from their Luno Wallet before 19 June 2023.

In an update to Malaysian customers, Luno stated that it remains committed to serving the Malaysian market, where it has been operating since 2015. The company reassured its Malaysian customers that it would continue to provide them with the same level of service they expect from Luno.

Luno concluded its announcement with a final thank you to the Singaporean market: “Thank you again for your trust and support. We apologize for any inconvenience caused.”

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