Cryptocurrency Exchange Luno Ends Services for Singapore Users

04/17/2023 11:46 • Metaverse Matters • 128 views

It is reported that the cryptocurrency exchange Luno will stop providing services to Singapore users from June 20, 2023. Users need to extract all cryptocurrencies or Singapore dollar from Luno before June 19. If users fail to withdraw their cryptocurrencies before June 19, these cryptocurrencies will be sold at the current market price and stored in Singapore dollar, and Luno’s existing 0.75% real-time transaction fee will apply to the sale.

The cryptocurrency exchange Luno will cease providing services to Singaporean users in June

Cryptocurrency exchange Luno has announced that it will cease providing services to users in Singapore from June 20, 2023. This has left many users scrambling to extract all their cryptocurrencies or Singapore dollars before June 19. Failure to do so will result in Luno selling their cryptocurrencies at the current market price and storing the proceeds in Singapore dollars.

What is Luno?

Luno is a global cryptocurrency exchange that was founded in South Africa in 2013. Since then, it has expanded to over 40 countries, including Singapore. The exchange allows users to buy and sell a variety of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Why Is Luno Ending Its Services in Singapore?

Luno has yet to release a statement regarding the reason for ending their services in Singapore. However, it is speculated that the decision may be related to the new Payment Services Act passed in Singapore in January 2020. The act regulates cryptocurrencies and other digital payment token (DPT) services to mitigate the risks of money laundering and terrorism financing.

What Should Luno Users in Singapore Do?

Luno users in Singapore are advised to extract all their cryptocurrencies or Singapore dollars from Luno before June 19 to avoid any issues. If users fail to withdraw their cryptocurrencies before June 19, Luno will sell their cryptocurrencies at the current market price. The sales proceeds will then be stored in Singapore dollars, and Luno’s existing 0.75% real-time transaction fee will apply to the sale.

What Are the Alternatives for Luno Users in Singapore?

If you are a Luno user in Singapore, the best alternative would be to find another reputable cryptocurrency exchange that operates within Singapore. There are other reputable exchanges such as Binance, Coinbase, and Gemini, which allow users to trade cryptocurrencies.

Conclusion

In conclusion, Luno’s decision to stop providing services to users in Singapore has left many wondering why, but it is speculated that it may be related to regulatory changes in Singapore. Luno users in Singapore need to extract their cryptocurrencies and Singapore dollars before June 19 to avoid issues. If you are a Luno user in Singapore, it is best to explore other reputable cryptocurrency exchanges operating within Singapore before June 20.

FAQs

**Q: Is Luno stopping its services globally?**
A: No, Luno has only announced the end of its services to users in Singapore.
**Q: Can I still access my Luno account after June 20 if I’m not in Singapore?**
A: Yes, if you are not in Singapore, you can still access your Luno account after June 20. However, if you have cryptocurrencies stored in Luno’s Singapore office, you will need to extract them before June 19.
**Q: Is there a chance that Luno will reconsider ending its services in Singapore?**
A: Luno has yet to release a statement regarding the reason for the decision to end its services in Singapore. However, it is unlikely that they will reconsider their decision.

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