Founded as BitX in Singapore in 2013, Luno was among several crypto firms whose bank accounts were shuttered in the Southeast Asian nation in recent years because domestic lenders were concerned about potential illicit flows and other criminal activities.
SINGAPORE (Nov 1): A cryptocurrency exchange that halted Singapore activities two years ago is resuming services there after two local banks opened accounts for the firm, a sign that the country’s lenders are warming to the industry.
Luno, which moved headquarters to London in 2017, will restart digital wallet and trading services using Singapore dollars within a month, Asia head Vijay Ayyar and country manager Sherry Goh said. The two corporate bank accounts allow the firm to pay salaries and hold money raised from investors, they said in an interview this week, while declining to name the banks.
