Naspers-backed crypto exchange Luno re-entering Singapore after banks opened its accounts
Cryptocurrency exchange Luno is going to resume its service in Singapore, a few years after it stopped operating in the country.
Luno announced the news on Wednesday, saying that users will only be able to deposit and withdraw Singapore dollars and buy and sell three cryptocurrencies at launch - bitcoin (BTC), ether (ETH) and bitcoin cash (BCH).
Luno Asia head Vijay Ayyar and Singapore country manager Sherry Goh told Bloomberg in a report published Friday that two local banks in Singapore have opened the firm’s corporate bank accounts, which allow it to operate in the country.
Ayyar and Goh did not disclose the names of the banks but said that the bank accounts will help Luno to pay salaries and hold money raised from investors. However, it won’t yet allow the firm to hold money for clients.
London-headquartered Luno previously operated as BitX in Singapore and its bank accounts were blocked in recent years as banks were concerned about potential illegal flows and other criminal activities through cryptocurrency trading.
Luno is backed by notable investors, including Naspers Ventures, and has raised $13.8 million in total funding to date, according to Crunchbase. It also operates across Africa, South East Asia and Europe.
