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Luno, a cryptocurrency exchange, announced on Monday that it will discontinue its services to customers in Singapore starting from June 20.
Luno has notified the Monetary Authority of Singapore that it is retracting its license application to conduct operations in the Southeast Asian city-state as a result of an "evaluation of [its] global strategy and presence."
Luno has announced separately that its operations in neighboring Malaysia will remain unaffected and the exchange will continue to provide services to customers in that region.
Luno has enlisted the services of investment bank Canaccord Genuity Group to aid in its efforts to secure new investors and generate funding for its growth and expansion initiatives, with aspirations of eventually going public.
The deadline for customers in Singapore to withdraw all of their funds from the platform is June 19.
Digital Currency Group, the parent company of CoinDesk, is the owner of Luno.
Source Coidesk
