Central issues:

• Luno will abandon the Singapore market and withdraw its licensing application.
• As of June 20, the exchange announced that it would no longer provide services in Singapore.
• As part of a routine review of the company’s global strategy and presence, the change was made.

Digital Currency Group’s Luno cryptocurrency exchange plans to withdraw its application for a license in the city-state of Singapore and leave the market there.

Luno has let Singapore’s Money related Power know that it is pulling out its application for a permit to work in the Southeast Asian city-state as a feature of an evaluation of its overall methodology and presence.

Its administrations will be inaccessible in Singapore starting June 20, and the trade has educated the Money related Authority regarding Singapore that it no longer requires consent, as per a blog entry distributed on Monday.

Under the Payment Services Act, the company received preliminary authorization to provide digital payment token services in Singapore on April 27, 2022.

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Clients in adjoining Malaysia are unaffected, as per Luno, and the trade will keep on working there.

The potential of cryptocurrencies has been rethought as a result of the country’s tougher stance, particularly given Hong Kong’s desire to become a hub for digital-asset businesses.

As per Luno, Singapore keeps on having the capacity to lead the way in utilizing crypto to lay out a fair and versatile monetary framework.

Prior to its 2013 launch, Luno had regional centers in Cape Town and Singapore. The exchange is expanding its services to South Africa despite leaving Singapore.

In 2020, the London-based cryptocurrency company DCG purchased Luno. As the crypto industry has shrunk, Luno is one of several businesses that have laid off employees in recent months.

Lender Hodlnaut was the first crypto company to withdraw its license application in August 2022.

With the intention of eventually going public, Luno has hired investment bank Canaccord Genuity Group to help it acquire new investors to fund its development and expansion objectives.

Singapore has recently proposed restrictions on retail crypto trading in the wake of the digital asset crash that cost $1.5 trillion last year. Numerous cryptocurrency businesses, including those associated with the city-state, were destroyed in the crash.