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Guidance for customers in Singapore (April 2023)

As announced via email and in our blog post, from 20 June 2023, Luno's services will regrettably no longer be available in Singapore.

To make this process as smooth as possible for you, we’ve outlined the steps you can follow below.


What you’ll need to do

We ask that you please clear your account of any crypto or SGD by 19 June 2023.

To do this, you can either sell your crypto and withdraw SGD, or you can send your crypto out to another wallet or exchange.


Option 1: You can sell your crypto and withdraw money

If you choose this option, follow the steps below:

Here's how:

  1. Go to your Wallets screen

  2. Under YOUR INVESTMENTS, select the wallet for the crypto you want to sell

  3. Select SELL from the menu at the top of the crypto wallet

  4. Choose SGD wallet from the currency options

  5. In the Amount field, select MAX to sell the full amount, then press NEXT

  6. Finally, select CONFIRM to complete the sale

Repeat these steps for all crypto wallets that have a balance.

Tip

You can find a step-by-step video guide for selling crypto in this article.

Here's how:

  1. From your Wallets screen, open your SGD wallet

  2. Select WITHDRAW from the menu at the top of your SGD wallet

  3. You can then withdraw funds to either your DBS/POSB bank account or to your StraitsX account:

    1. On the Withdraw to screen, either:

      • Select your previously linked DBS / POSB account, or

      • Add new bank details if you haven’t linked a bank account before

    2. In the Amount field, select MAX, then press NEXT

    3. Select CONFIRM to complete your withdrawal

    Before you withdraw, make sure you’ve signed up for StraitsX and that your account is verified and active. If you’re having trouble, visit their support centre here for help.

    Then, follow these steps to complete your withdrawal:

    1. On the Withdraw to screen, choose StraitsX

    2. If you haven’t linked a StraitsX account before, confirm your number is correct then press LINK STRAITSX (if you’re new to StraitsX, an account will be created for you)

    3. In the Amount field, select MAX, then press NEXT

    4. Select CONFIRM to complete your withdrawal

Tip

Follow these links for more info about withdrawing SGD to your bank account or to your StraitsX account.


Option 2: Send crypto out to another platform

If you choose this option, follow the steps below:

Note

We recommend you send out your crypto well ahead of the 19 June deadline. It takes at least 24 hours to enable crypto sends, and there are also daily and monthly send limits to keep in mind.

For added security, cryptocurrency sends are disabled by default. You can enable sends in two ways:

  • By selecting SEND anywhere in the app

  • Or by navigating to Profile, then Security and enabling it from Send cryptocurrency

Once you’ve authorised this action, there will be a waiting period (usually 24 hours) before sends are enabled.

Tip

Before sending a large amount of crypto, it’s best practice to make a test send. Crypto transactions are irreversible, so send a small amount first to confirm that you’ve got the correct address and that your funds arrive as expected.

How to send

  1. Go to your Wallets screen

  2. From the menu near the top, select SEND

  3. Choose the cryptocurrency you’d like to send

  4. Paste in the wallet address you want to send crypto to

  5. Enter the amount you want to send and select NEXT

  6. Provide your Travel Rule information, including:

    • Who owns the wallet address you're sending to

    • Whether the address is hosted by another exchange or privately

  7. Review the transaction and select CONFIRM

  8. Authorise the send via email or push notification

Tip

Follow these links to learn more about how to send crypto, to find answers to common questions about the Travel rule, or to get help with sending crypto to your private wallet address.

Need assistance?

We’re here to help if you’re having any trouble withdrawing your funds. Get in touch with us here.


What happens after 19 June?

On 20 June at 00:00 (GMT+8), your Luno account will be closed, and you’ll no longer have access to it. Any crypto you have left in your account will be sold at the prevailing market price and stored as SGD. In accordance with our Terms of Use, Luno reserves the right to charge a monthly dormant account fee for holding these funds on your behalf.

If you didn’t manage to withdraw your funds in time, you can contact us here and we’ll manually withdraw your funds to an account in your name.

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