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The End of Luno’s Services for Singapore Users: What You Need to Know

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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

The End of Lunos Services for Singapore Users: 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 of June 20, 2023, Luno, the popular cryptocurrency exchange, will no longer be providing services to its Singapore users. This means that if you are a Singapore user of Luno, you must extract all your cryptocurrencies or Singapore dollar from the platform before June 19, 2023. Failure to do so will result in your cryptocurrencies being sold at the current market price and stored in Singapore dollar, while Luno’s existing 0.75% real-time transaction fee will apply to the sale. In this article, we will look at what this means for Luno’s Singapore users, why this decision was taken, and the factors that led up to it.

What happened?

On May 31, 2023, Luno announced that it would no longer be providing services to its users in Singapore. Users were given a deadline of June 19, 2023, to extract all their cryptocurrencies or Singapore dollar from the platform before the services were terminated on June 20, 2023. This announcement came as a surprise to many Luno users in Singapore since the exchange had been operating in the country for several years and had built up a significant user base.

Why did this happen?

There are several reasons behind Luno’s decision to end its services in Singapore. One of the main reasons is the increasing regulatory pressure in the country. In recent years, Singapore has been cracking down on cryptocurrency exchanges and has introduced stricter regulations to safeguard against money laundering and other illegal activities. Luno, like other cryptocurrency exchanges, was required to meet these regulations, which required significant investment in compliance measures.
Another reason for Luno’s decision is the increasingly competitive cryptocurrency market in Singapore. With the rise of new and innovative exchanges, Luno has found it challenging to maintain its market share and attract new users. By exiting the Singapore market, Luno can focus on other markets where it can compete more effectively.

What does this mean for Luno’s Singapore users?

For Luno’s Singapore users, this announcement means that they must extract all their cryptocurrencies or Singapore dollar from the platform before June 19, 2023. Failure to do so will result in their cryptocurrencies being sold at the current market price and stored in Singapore dollar. Luno’s existing 0.75% real-time transaction fee will apply to the sale, which means that if you wait too long to extract your funds, you could end up losing money.

How can Luno’s Singapore users ensure their funds are safe?

To ensure that your funds are safe, you must extract all your cryptocurrencies or Singapore dollar from the platform before June 19, 2023. You should also ensure that you have a secure wallet to store your cryptocurrencies once they have been extracted from the platform. You can also consider moving your funds to another cryptocurrency exchange that still operates in Singapore.

Conclusion

Luno’s decision to end its services in Singapore is a significant development in the cryptocurrency market. For Luno’s Singapore users, this announcement means that they must act quickly to ensure that their funds are safe and avoid any potential losses. While this news may be disappointing for some Luno users, it is a reminder of the challenges and uncertainties that come with investing in cryptocurrency.

FAQs

1. Why is Luno ending its services in Singapore?
Luno is ending its services in Singapore due to increasing regulatory pressure and competition from other cryptocurrency exchanges.
2. What happens if I fail to extract my funds from Luno before June 19, 2023?
If you fail to extract your funds before June 19, 2023, your cryptocurrencies will be sold at the current market price and stored in Singapore dollar. Luno’s existing 0.75% real-time transaction fee will apply to the sale.
3. Can I still use Luno if I am not a Singapore user?
Yes, Luno still operates in other markets and users from other countries can continue to use the platform to buy and sell cryptocurrencies.

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