Luno, the cryptocurrency subsidiary of crypto venture capitalist Digital Currency Group (DCG), will stop its services in Singapore from June 2023, about seven years since it started serving clients based in the city-state.
Luno said the decision was made as part of a regular evaluation of its global strategy and presence. It, however, clarified that operations in other regions are not impacted by this decision.
“We understand that this will be disappointing news for many of you and it’s not a decision we’ve taken lightly,” the company said in a statement on its website.
Luno said its services will no longer be available in Singapore from June 20, and urged users to withdraw their assets from their Luno wallets by June 19.
Any remaining cryptocurrency in wallets after this time will be sold at the prevailing market price and stored as SGD, the firm said.
Luno said it has already informed the Monetary Authority of Singapore of its intention to withdraw its license application.
“It’s always been our mission to put the power of crypto in everyone’s hands. This is still true. As a key financial hub in the region and an innovator in financial technology, Singapore has the potential to lead the way in using crypto to build a fair and robust financial system,” Luno said.