Crypto Exchange Luno to Resume Service in Singapore After Bank Accounts Opened

Crypto exchange Luno is going to continue its service in Singapore, a couple of years after it halted operations in the nation.

Luno declared the news on Wednesday, stating that clients might have the option to deposit and withdraw Singapore dollars and buy and sell three digital currencies at launch – bitcoin (BTC), ether (ETH), and bitcoin cash (BCH).

Vijay Ayyar, head of Luno Asia, and Sherry Goh, country supervisor at Singapore, told Bloomberg in a report published November 1 that two local banks in Singapore have opened the company’s corporate bank accounts, which enable it to operate in the nation.

Ayyar and Goh didn’t reveal the names of the banks but stated that the banks would help Luno to pay salaries and hold money raised from investors. Be that as it may, it won’t yet enable the company to hold money for customers.

London-headquartered Luno earlier operated as BitX in Singapore and its bank accounts were obstructed in past years as banks were worried about potential illicit streams and other crimes through digital currency trading.

Luno is backed by prominent investors, including Naspers Ventures, and has secured $13.8 million in total financing to date, as indicated by Crunchbase. Additionally, it operates across Africa, South East Asia, and Europe.