Luno pulls plug on Singapore operations

Admire Moyo
By Admire Moyo, ITWeb's news editor.
Johannesburg, 20 Apr 2023

South African-founded crypto-currency exchange Luno is pulling out of Singapore.

In a statement, the company says: “We regret to inform you that from 20 June 2023, Luno services will no longer be available in Singapore.”

The announcement comes after Luno earlier this year announced it was reducing its global workforce by 35%.

At the time, it said 2022 had been an incredibly tough year for the broader tech industry and in particular the crypto market.

“Luno, unfortunately, hasn’t been immune to this turbulence, which has affected our overall growth and revenue numbers,” it said.

Last month, the company also made some changes to its leadership team, as it prepares for its next phase of growth.

As part of this process, Luno hired Canaccord Genuity Group to help bring on new institutional and strategic investors alongside parent company Digital Currency Group to fund scaling, support expansion, accelerate market share gain and prepare the company for an eventual public listing.

Luno started operating in Singapore in 2016.

“We understand that this will be disappointing news for many of you and it’s not a decision we’ve taken lightly. It’s always been our mission to put the power of crypto in everyone’s hands. This is still true. 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,” says the company.

It explains that this decision was made as part of a regular evaluation of its global strategy and presence.

“As a result of this decision, we have also informed the Monetary Authority of Singapore of our intention to withdraw our license application. Our operations in other regions are not impacted by this decision.

“We are privileged to have supported thousands of investors in Singapore on their crypto journey since 2016 and we want to thank everyone who has entrusted us with their investments. For a smooth withdrawal process, we ask our customers to please withdraw all cryptocurrency and/or SGD from their Luno Wallet by 19 June 2023.”