- The company notified the authorities in Singapore that it was withdrawing its application.
- In April 2022, Luno received in-principle clearance from Singapore’s financial authorities.
Luno, a cryptocurrency exchange owned by Digital Currency Group, is discontinuing operations in Singapore. This change is part of Luno’s ongoing process of evaluating its “global strategy and presence,” the company said in a blog post.
Furthermore, the company notified the relevant authorities in Singapore. That it was withdrawing its application for a license to do business there.
The exchange stated:
“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.”
Firms Inclining Towards Hong Kong
In April 2022, Luno received in-principle clearance from Singapore’s financial authorities, paving the way for the company to begin providing cryptocurrency-related services to Singaporean investors. Luno emphasized that this decision will have no impact on the company’s international activities.
Customers were urged to empty their Luno wallets of crypto and Singapore dollars before June 19. Coinbase and Binance are just two of the cryptocurrency exchanges that have filed for or signaled their intention to seek operating licenses in Singapore, a country that was formerly seen as crypto-friendly.
After a string of high-profile crypto disasters linked to the city-state, Singapore has adopted a harder stance on the sector. The country’s financial regulator considered imposing regulations on leverage and limiting retail investors’ exposure to cryptocurrencies.
Hong Kong, on the other hand, is making preparations to become a digital asset center in spite of China’s restrictive stance towards the sector on the mainland.
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