04-19-2023, 08:29 AM
Luno Closes Curtain on Singapore as Kraken Secures Irish Registration
<p class="MsoNormal">Luna, a Digital Currency
Group-owned cryptocurrency exchange, is winding down its operations in
Singapore. On Monday, the London-based exchange said it will stop
offering its services in the Southeast Asian country starting from June 20,
2023. </p><p class="MsoNormal">Luno’s announcement comes on the
same day Kraken, a US-based crypto exchange, disclosed that it has successfully
registered as a Virtual Asset Service Provider (VASP) in Ireland.
Kraken secured the registration from the Central Bank of Ireland through its Irish subsidiary, Payward
Europe Solutions Limited.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">? We’re pleased to announce that Kraken has successfully registered with the Central Bank of Ireland (CBI) as a Virtual Asset Service Provider (VASP), affirming our commitment to helping drive crypto adoption in Europe ?? ?Learn more ? <a href="https://t.co/mowesdqEGj">https://t.co/mowesdqEGj</a> <a href="https://t.co/C2ScvDhpa1">pic.twitter.com/C2ScvDhpa1</a></p>— Kraken Exchange (@krakenfx) <a href="https://twitter.com/krakenfx/status/1648341661926211586?ref_src=twsrc%5Etfw">April 18, 2023</a></blockquote><p class="MsoNormal">Luno to Exit Singapore</p><p class="MsoNormal">In <a href="https://discover.luno.com/thank-you-singapore/" target="_blank" rel="follow">a blog post</a> on the company website, <a href="https://www.financemagnates.com/cryptocurrency/exchange/bitx-rebrands-as-luno-launches-new-services-to-take-bitcoin-to-the-moon/" target="_blank" rel="follow">Luno</a> explained that the decision to close down its
Singaporean operations was taken "as part of a regular evaluation of our global
strategy and presence.” It added that it has informed the Monetary Authority of
Singapore of its intention to withdraw its license application. </p><p class="MsoNormal">Luno’s decision to leave
Singapore comes over two months after the exchange <a href="https://www.financemagnates.com/cryptocurrency/crypto-platform-luno-sheds-35-of-workforce/" target="_blank" rel="follow">cut down its workforce by 35%</a> across all regions, citing <a href="https://www.financemagnates.com/cryptocurrency/whats-next-for-crypto-after-the-chaos-of-2022/" target="_blank" rel="follow">“an incredibly tough year”</a> 2022 for the crypto market. Marcus Swanepoel, the
Co-Founder and CEO of Luno, noted that the prolonged bear market last year
“affected our overall growth and revenue numbers.”</p><p class="MsoNormal">However, it is not the first
time Luno is exiting the city-state. In 2017, Luno was forced to shut its
business in Singapore following the suspension of its bank accounts. The suspension came amidst
concerns over illicit financial activities facilitated using cryptocurrencies.
However, the exchange <a href="https://www.financemagnates.com/cryptocurrency/news/luno-to-re-open-crypto-trading-in-singapore-opens-two-bank-accounts/" target="_blank" rel="follow">re-launched its services</a> in Singapore two years later.</p><p class="MsoNormal">Luno Gives Customers June 19
Deadline</p><p class="MsoNormal">Meanwhile, as part of the
winding down process, Luno has given its customers in Singapore until June 19, 2023,
to withdraw all their cryptocurrencies and or Singapore dollar (SGD) balance from
their Luno Wallet. </p><p class="MsoNormal">“Please note that as of 00:00
(GMT +8) 20 June 2023, all Luno accounts belonging to Singapore customers will
be closed, and you will no longer be able to log in and access your account,”
Luno wrote in the blog post, adding that any digital asset not withdrawn after the
deadline date will be sold at current market price and stored as SGD.</p><p class="MsoNormal">Furthermore, Luno noted that the cessation of its services in Singapore does not affect its customers in other
regions. In a <a href="https://discover.luno.com/update-from-malaysia/" target="_blank" rel="follow">separate website update</a>, the company particularly pointed out that its Singapore exit does not affect its operations in Malaysia as its services in the country remain fully available. </p><p class="MsoNormal">“We remain committed to driving
safe and responsible adoption of crypto across Asia. This decision allows us to
focus even more on providing customers with a great crypto experience in
Malaysia, where we will continue to ensure Malaysians get secure and easy
access,” Luno explained. </p><p class="MsoNormal">Kraken Secures Irish Registration amidst Troubles in US</p><p class="MsoNormal">Meanwhile, speaking on its new
VASP registration in Ireland, Kraken noted that the move “demonstrates to both
our clients and regulators that Kraken follows Europe’s most robust anti-money
laundering and compliance standards.” The exchange added that the move shows its commitment to boosting crypto adoption across Europe “now and into
the future.”</p><p class="MsoNormal">“With VASP registration and our
growing local team in Ireland, we deepen our commitment to our Irish clients
and their ability to access an extensive array of cryptocurrency assets,”
Kraken explained. </p><p class="MsoNormal">The cryptocurrency exchange's new registration comes
days after the digital asset firm <a href="https://www.financemagnates.com/cryptocurrency/kraken-files-pre-registration-with-canadas-ontario-regulator/" target="_blank" rel="follow">filed for pre-registration</a> with Canada’s Ontario Securities Commission
(OSC) as part of its efforts to become a registered Restricted Dealer across all
regions in Canada.</p><p class="text-align-justify">Meanwhile, Kraken’s registration in Ireland comes at a time the
firm is facing regulatory pressure in the United States. In February, the
digital asset company <a href="https://www.financemagnates.com/cryptocurrency/kraken-shuts-staking-as-a-service-in-us-amid-30m-sec-settlement/" target="_blank" rel="follow">reached a settlement of $30 million</a> with the US securities regulator and shut down its staking-as-service platform for US customers. </p><p class="text-align-justify">The settlement came amidst reports that Kraken <a href="https://www.financemagnates.com/cryptocurrency/kraken-faces-sec-probe-over-unregistered-securities-listings/" target="_blank" rel="follow">was being investigated</a> by the US Securities and Exchange Commission over its digital asset listings considered unregistered securities.</p><p class="text-align-justify">Apple offers savings account; eToro adds Google Pay; <a href="https://www.financemagnates.com/forex/news-nuggets-18-april-apple-offers-savings-account-etoro-adds-google-pay/" target="_blank" rel="follow">read today's new nuggets</a>.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...istration/
<p class="MsoNormal">Luna, a Digital Currency
Group-owned cryptocurrency exchange, is winding down its operations in
Singapore. On Monday, the London-based exchange said it will stop
offering its services in the Southeast Asian country starting from June 20,
2023. </p><p class="MsoNormal">Luno’s announcement comes on the
same day Kraken, a US-based crypto exchange, disclosed that it has successfully
registered as a Virtual Asset Service Provider (VASP) in Ireland.
Kraken secured the registration from the Central Bank of Ireland through its Irish subsidiary, Payward
Europe Solutions Limited.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">? We’re pleased to announce that Kraken has successfully registered with the Central Bank of Ireland (CBI) as a Virtual Asset Service Provider (VASP), affirming our commitment to helping drive crypto adoption in Europe ?? ?Learn more ? <a href="https://t.co/mowesdqEGj">https://t.co/mowesdqEGj</a> <a href="https://t.co/C2ScvDhpa1">pic.twitter.com/C2ScvDhpa1</a></p>— Kraken Exchange (@krakenfx) <a href="https://twitter.com/krakenfx/status/1648341661926211586?ref_src=twsrc%5Etfw">April 18, 2023</a></blockquote><p class="MsoNormal">Luno to Exit Singapore</p><p class="MsoNormal">In <a href="https://discover.luno.com/thank-you-singapore/" target="_blank" rel="follow">a blog post</a> on the company website, <a href="https://www.financemagnates.com/cryptocurrency/exchange/bitx-rebrands-as-luno-launches-new-services-to-take-bitcoin-to-the-moon/" target="_blank" rel="follow">Luno</a> explained that the decision to close down its
Singaporean operations was taken "as part of a regular evaluation of our global
strategy and presence.” It added that it has informed the Monetary Authority of
Singapore of its intention to withdraw its license application. </p><p class="MsoNormal">Luno’s decision to leave
Singapore comes over two months after the exchange <a href="https://www.financemagnates.com/cryptocurrency/crypto-platform-luno-sheds-35-of-workforce/" target="_blank" rel="follow">cut down its workforce by 35%</a> across all regions, citing <a href="https://www.financemagnates.com/cryptocurrency/whats-next-for-crypto-after-the-chaos-of-2022/" target="_blank" rel="follow">“an incredibly tough year”</a> 2022 for the crypto market. Marcus Swanepoel, the
Co-Founder and CEO of Luno, noted that the prolonged bear market last year
“affected our overall growth and revenue numbers.”</p><p class="MsoNormal">However, it is not the first
time Luno is exiting the city-state. In 2017, Luno was forced to shut its
business in Singapore following the suspension of its bank accounts. The suspension came amidst
concerns over illicit financial activities facilitated using cryptocurrencies.
However, the exchange <a href="https://www.financemagnates.com/cryptocurrency/news/luno-to-re-open-crypto-trading-in-singapore-opens-two-bank-accounts/" target="_blank" rel="follow">re-launched its services</a> in Singapore two years later.</p><p class="MsoNormal">Luno Gives Customers June 19
Deadline</p><p class="MsoNormal">Meanwhile, as part of the
winding down process, Luno has given its customers in Singapore until June 19, 2023,
to withdraw all their cryptocurrencies and or Singapore dollar (SGD) balance from
their Luno Wallet. </p><p class="MsoNormal">“Please note that as of 00:00
(GMT +8) 20 June 2023, all Luno accounts belonging to Singapore customers will
be closed, and you will no longer be able to log in and access your account,”
Luno wrote in the blog post, adding that any digital asset not withdrawn after the
deadline date will be sold at current market price and stored as SGD.</p><p class="MsoNormal">Furthermore, Luno noted that the cessation of its services in Singapore does not affect its customers in other
regions. In a <a href="https://discover.luno.com/update-from-malaysia/" target="_blank" rel="follow">separate website update</a>, the company particularly pointed out that its Singapore exit does not affect its operations in Malaysia as its services in the country remain fully available. </p><p class="MsoNormal">“We remain committed to driving
safe and responsible adoption of crypto across Asia. This decision allows us to
focus even more on providing customers with a great crypto experience in
Malaysia, where we will continue to ensure Malaysians get secure and easy
access,” Luno explained. </p><p class="MsoNormal">Kraken Secures Irish Registration amidst Troubles in US</p><p class="MsoNormal">Meanwhile, speaking on its new
VASP registration in Ireland, Kraken noted that the move “demonstrates to both
our clients and regulators that Kraken follows Europe’s most robust anti-money
laundering and compliance standards.” The exchange added that the move shows its commitment to boosting crypto adoption across Europe “now and into
the future.”</p><p class="MsoNormal">“With VASP registration and our
growing local team in Ireland, we deepen our commitment to our Irish clients
and their ability to access an extensive array of cryptocurrency assets,”
Kraken explained. </p><p class="MsoNormal">The cryptocurrency exchange's new registration comes
days after the digital asset firm <a href="https://www.financemagnates.com/cryptocurrency/kraken-files-pre-registration-with-canadas-ontario-regulator/" target="_blank" rel="follow">filed for pre-registration</a> with Canada’s Ontario Securities Commission
(OSC) as part of its efforts to become a registered Restricted Dealer across all
regions in Canada.</p><p class="text-align-justify">Meanwhile, Kraken’s registration in Ireland comes at a time the
firm is facing regulatory pressure in the United States. In February, the
digital asset company <a href="https://www.financemagnates.com/cryptocurrency/kraken-shuts-staking-as-a-service-in-us-amid-30m-sec-settlement/" target="_blank" rel="follow">reached a settlement of $30 million</a> with the US securities regulator and shut down its staking-as-service platform for US customers. </p><p class="text-align-justify">The settlement came amidst reports that Kraken <a href="https://www.financemagnates.com/cryptocurrency/kraken-faces-sec-probe-over-unregistered-securities-listings/" target="_blank" rel="follow">was being investigated</a> by the US Securities and Exchange Commission over its digital asset listings considered unregistered securities.</p><p class="text-align-justify">Apple offers savings account; eToro adds Google Pay; <a href="https://www.financemagnates.com/forex/news-nuggets-18-april-apple-offers-savings-account-etoro-adds-google-pay/" target="_blank" rel="follow">read today's new nuggets</a>.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...istration/