Singapore – Cryptocurrency firm Luno has announced that it is exiting the Singaporean market, with its services no longer available by June 20 this year. According to the company, the market exit is part of Luno’s evaluation of their global strategy and presence.
Luno also added that they have also informed the Monetary Authority of Singapore of their intention to withdraw their license application to operate in the country.
In a statement published in their website, the company expressed that while the announcement may come as a shock to their local customers, the decision to exit the market wasn’t taken lightly considering the rising cryptocurrency market in Singapore.
“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. We can’t wait to watch its journey and are proud to have been a part of it,” they stated.
Moreover, they have expressed their gratitude to the thousands of Singaporeans who have supported them on their crypto journey, ever since they first entered the market in 2016.
Luno has asked its Singaporean customers to withdraw all of their local currency and cryptocurrency by June 19.
The exit also comes after Luno announced that is laying off around 35% of its workforce globally in January this year.