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Luno, the Popular Cryptocurrency Exchange, to Withdraw Services from Singapore Users by June 2023

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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 dol

Luno, the Popular Cryptocurrency Exchange, to Withdraw Services from Singapore Users by June 2023

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

A Look at Luno’s Recent Announcement and Its Impact on Singapore Users
Cryptocurrency exchange Luno has announced that it will stop offering its services to users in Singapore by June 20, 2023. Consequently, Singaporean users need to extract all their cryptocurrencies or Singapore dollar from Luno before June 19, the day before the exchange halts its services. Failure to do so will result in their cryptocurrencies being sold at the current market price and stored in Singapore dollar. In this article, we will take a closer look at Luno’s recent announcement and its impact on Singapore users.

Overview of Luno and Its Services

Luno is one of the popular cryptocurrency exchanges providing services to customers worldwide. It was founded in 2013 and operates in over 40 countries. The exchange aims to provide fast, secure, and user-friendly trading services to its customers. Users can buy, sell and store cryptocurrencies such as Bitcoin, Ethereum, and Litecoin on the platform.

Why Luno is Withdrawing Services from Singapore Users

Luno has not provided a detailed explanation for its decision to stop providing services to Singapore users. However, the exchange has stated that the move is due to “changes in global regulations” and its “focus on other markets.” Luno ensures to cooperate with “regulatory requirements of every jurisdiction” and that “every country [has its] unique regulatory requirements.”

How Does This Affect Singapore Users?

Luno’s decision to withdraw services from Singapore users has created significant concerns among investors and traders in the country. By June 2023, users must withdraw all cryptocurrencies or Singapore dollar from the exchange. Failure to do so would result in Luno selling their cryptocurrencies at the current market price and storing them in Singapore dollar, with an additional 0.75% real-time transaction fee.

What Are the Alternatives Available to Singapore Users?

As Luno plans to cease its services in Singapore, users have to look for alternate exchanges that offer similar services. Several exchanges are currently available in the country that provides reliable cryptocurrency trading services. Users must research the exchanges available and choose the platform that best fits their requirements.

Conclusion

Luno’s recent announcement to withdraw its services from Singapore users has created concerns for investors and traders in the country. However, users should take immediate action and withdraw all their cryptocurrency or Singapore dollar holdings from the exchange before June 19, 2023. These users should research alternatives available in Singapore’s market that offer similar services.

FAQs

Q1. Why is Luno withdrawing its services from Singapore users?
Luno has cited global regulatory changes and its focus on other markets as the reasons behind its decision to stop providing services to Singapore users.
Q2. What should Singapore users do before June 19, 2023?
Singapore users should withdraw all their cryptocurrency or Singapore dollar holdings from Luno before June 19, 2023, to avoid cryptocurrency holdings being sold at market prices and stored in Singapore dollar.
Q3. What are the alternatives available to Singapore users?
Several exchange alternatives are currently available in the Singapore market that offers reliable cryptocurrency trading services. Users should research these and choose the exchange that best fits their requirements.

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