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Luno to Terminate Services to Singapore Users by 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 to Terminate Services to Singapore Users by 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

As of June 20, 2023, Luno, a cryptocurrency exchange platform, will stop offering its services to Singapore users. Thus, all cryptocurrency holdings and Singapore dollar balances must be extracted by June 19, 2023. If users fail to withdraw from their accounts before the deadline, their cryptocurrencies will be sold at the prevailing market price and stored in SGD, subject to Luno’s existing 0.75% transaction fees.

Why is Luno Ceasing Its Services to Singapore Users?

Luno plans to terminate its services to Singapore users starting June 20, 2023. There are a few reasons why the cryptocurrency exchange has made this decision, including:
1. **Regulatory Challenges:** Firstly, regulatory challenges have caused Luno to terminate its services to Singapore users. Singapore is known for having a robust regulatory framework for cryptocurrency exchanges; thus, Luno needs to comply with all regulations, which may be challenging for its business model in Singapore.
2. **Market Conditions:** The current market conditions may have also contributed to Luno’s decision to end its services to Singapore users. The cryptocurrency market has been volatile, with Bitcoin’s price dropping significantly in the past month. It is believed that this price drop may have affected Luno’s trading volumes.
3. **Business Strategy:** Lastly, Luno may have decided to restructure its business strategy, focusing on other regions, which can potentially result in better returns.

The Impact of Luno’s Decision on Singapore Cryptocurrency Users

Luno’s announcement will indeed have an impact on the cryptocurrency community in Singapore. Users who have been using Luno to deposit, withdraw or trade their cryptocurrencies may need to consider alternative methods, such as using other cryptocurrency exchanges.
Furthermore, users who have an outstanding balance with Luno must withdraw their cryptocurrencies or Singapore dollar balances before the June 19, 2023 deadline. Failure to do so will result in Luno selling cryptocurrencies at the prevailing market price and storing them in SGD, subject to Luno’s existing 0.75% transaction fees.

Frequently Asked Questions (FAQs)

Q1. What happens if I fail to withdraw my cryptocurrencies before the June 19, 2023 deadline?

If you fail to withdraw your cryptocurrencies or Singapore dollar balances before the deadline, Luno will sell your cryptocurrencies at the prevailing market price and store them in SGD, subject to Luno’s existing 0.75% transaction fee.

Q2. What alternative cryptocurrency exchanges can I use in Singapore?

There are many alternative cryptocurrency exchanges that you can use in Singapore. Some of these exchanges include Coinbase, Gemini, Binance, and Kraken.

Q3. Can I continue using Luno if I don’t reside in Singapore?

Yes, Luno will continue to offer its services to users outside Singapore.

Conclusion

In conclusion, Luno, the cryptocurrency exchange platform, has decided to end its services to Singapore users from June 20, 2023. Luno’s decision is motivated by several factors, including regulatory challenges, market conditions, and business strategies. Singapore cryptocurrency users who have been using Luno to trade, deposit or withdraw their cryptocurrencies need to withdraw their holdings by June 19, 2023. If they fail to do so, Luno will sell their cryptocurrencies and store them in SGD, subject to Luno’s existing 0.75% transaction fee.

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