Cryptocurrency exchange Luno is leaving the Singaporean market, saying the decision was made as part of a "regular evaluation of our global strategy and presence."
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In a blog post published on Monday, the London-based crypto exchange said its operations in other regions have not been impacted by this decision. Customers in Singapore should withdraw their funds from Luno Wallet by June 19, 2023.
Any remaining crypto in wallets after June 20 will be sold at the prevailing market price and stored as SGD, the exchange noted.
Digital Currency Group (DCG) acquired Luno in 2021 for an undisclosed price. Back then, the exchange had 400 employees and over 5 million global customers from over 40 countries. However, in January 2023, Luno laid off around 35% of its global workforce, citing the blowups of Luna, Three Arrows, and FTX.
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