Global cryptocurrency company Luno recently announced its decision to close down its Singapore operations on June 20, 2023. This unexpected step follows the resignation of Luno's co-founder and CEO Marcus Swanepoel and the appointment of the former Chief Operating Officer James Lanigan to take over his position. Customers in Singapore would need to withdraw all their cryptocurrency or SGD from their Luno Wallet before June 19, 2023.

Despite the fact that Luno is withdrawing its license application from the Monetary Authority of Singapore, customers can rest assured as it is not affecting operations from other countries. In order to withdraw the crypto holdings, they can transfer them to other trustworthy platforms or private wallets. However, if a person fails to do so before June 19, 2023, Luno will be selling the assets at a prevailing market rate, with an additional spot buy/sell fee of 0.75%. In addition, Luno reserves the right to levy a monthly inactivity fee for their users’ SGD after this date.

The crypto giant was grateful of the users from Singapore and expressed their appreciation in a public statement. Luno's Help Center has instructions regarding the instructions, complete with all the details related to withdrawal.

In a nutshell, Luno, a renowned cryptocurrency company, is canceling its Singapore operations after evaluation of its global strategy and presence. It has requested its customers in Singaport to withdraw their assets before June 19, 2023, as all Luno accounts will be closed on June 20. People can move the assets either to personal wallets or other and securely credible platforms. Luno will be taking upon the sale and converting of the assets to SGD if customers fail to withdraw their holdings by the specified date. Furthermore, an additional fee of 0.75% will be taken and a monthly inactivity fee may also be applicable in such a scenario.



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