Cryptocurrency Exchange Luno to End Services in Singapore: What You Need to Know

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

As per recent reports, cryptocurrency users in Singapore will no longer be able to access the services of Luno, one of the most widely used cryptocurrency exchanges in the region, come June 20, 2023. In light of this development, we’ve put together a comprehensive guide on what you need to know about Luno’s service termination and how to ensure the safety of your crypto assets.

What Led to Luno’s Decision to End its Services in Singapore?

Luno’s decision was likely driven by regulatory changes as it has become increasingly difficult for cryptocurrency platforms to operate in Singapore due to stricter regulations. The Monetary Authority of Singapore (MAS) has implemented various measures to ensure that digital currency platforms in Singapore safeguard against money laundering and terrorism financing. As a result, cryptocurrency companies like Luno would have needed to comply with the MAS Payment Services Act.

What Will Happen to Luno Users in Singapore?

Luno users in Singapore should withdraw their cryptocurrencies or Singapore dollars from the exchange before June 19th, 2023. Failure to withdraw your crypto assets before the deadline will result in Luno selling your digital assets at the current market price and storing them in Singapore dollars. Additionally, the existing 0.75% real-time transaction fee will apply to the sale.

How Can Luno Users Ensure the Safety of Their Crypto Assets?

It is recommended that Luno users in Singapore withdraw all their crypto assets from the exchange before June 19th, 2023. If you’re concerned about potential risks associated with cryptocurrency investments, you may want to consider transferring your assets to a more stable platform or wallet. Alternatively, you may also choose to convert your cryptocurrencies to Singapore dollars and transfer the funds to your bank account.

The Future of Cryptocurrency in Singapore

While the termination of Luno’s service in Singapore may seem like a setback for the cryptocurrency industry in Singapore, it is important to note that there are other platforms available for users in the country. Additionally, the MAS has shown a commitment to exploring the use cases and benefits of digital currencies while safeguarding against potential risks.
In sum, Singapore’s cryptocurrency market may see some changes in the aftermath of Luno’s termination of service, but there are still various options available for users who wish to continue investing in digital currencies.

Conclusion

With Luno’s upcoming termination of services in Singapore, it is vital that anyone who uses the platform withdraws their funds before June 19th, 2023 to avoid any potential loss of assets. While these changes may seem concerning, there are still other platforms available for those in Singapore who wish to invest in digital currencies. As always, it is important to conduct thorough research and exercise caution when it comes to investing in cryptocurrency.

FAQs

Q: What should I do if I miss the deadline for withdrawing my assets from Luno before the termination of services in Singapore?
A: If you miss the deadline for withdrawing your assets, Luno will sell your digital assets at the current market price and store them in Singapore dollars.
Q: Will the existing real-time transaction fee apply to crypto assets that are sold and stored in Singapore dollars after the termination of services?
A: Yes, the existing real-time transaction fee of 0.75% will apply to any cryptocurrency assets that are sold and stored in Singapore dollars after the termination of services.
Q: Will the termination of services in Singapore by Luno affect the overall cryptocurrency industry in Singapore?
A: While it may result in some changes, the overall impact of Luno’s termination of service in Singapore on the cryptocurrency industry in the country is yet to be seen.