Cryptocurrency exchange Luno will stop servicing customers in Singapore as of June 20, the firm said on Monday.
Luno has informed the Monetary Authority of Singapore (MAS) that is withdrawing its application for a license to operate in the southeast Asian city state. The exchange said it has taken the decision as part of an “evaluation of [its] global strategy and presence.”
In a separate announcement, Luno said customers in neighboring Malaysia are unaffected and that the exchange will continue to operate there.
Luno recently hired investment bank Canaccord Genuity Group to help attract new investors in order to finance its growth and expansion plans, with an eye on a public listing in the future.
Customers in Singapore have until June 19 to withdraw all funds they hold on the platform.
Luno is owned by Digital Currency Group (DCG), which is also the parent company of CoinDesk.
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