Luno to Re-Open Crypto Trading in Singapore, Opens Two Bank Accounts

Crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Luno is set to make its re-entry in Singapore as it opened two new bank accounts, which are crucial for its business in the country.

As reported by Bloomberg on Friday, the exchange is set to reopen its services with Singapore dollars within a month after an exile of two years.

The two corporates bank accounts will allow the firm to pay salaries and hold money raised from investors, Vijay Ayyar, Luno’s Asia head, and country manager Sherry Goh confirmed.

However, the accounts will not allow the exchange to hold funds deposited by their clients.

“It’s a good start, but there’s more work to be done,” Goh told the publication. “The bank situation shall be resolved soon because that is core and fundamental to getting crypto exchanges and their business up and running.”

It will use a stored-value facility to handle clients’ funds in the absence of banking services crucial for its operation.

The company did not reveal the names of the local banking partners.

Forcing the company to exile

Luno was forced to shut its business in the city-state in 2017 following the suspension of its bank accounts. Then it moved its base to London and was operating under the regulatory Sandbox Sandbox A sandbox is a commonly deployed term in the fintech universe, referring to a mechanism for developing regulation that keeps up with the fast pace of innovation.In scope of the computer science world, a sandbox is also associated with a closed testing environment that designed for experimenting safely with web or software projects.Sandboxes are very important to the regulatory field, though is also utilized within the digital economy space.The first regulatory sandbox was launched in the United A sandbox is a commonly deployed term in the fintech universe, referring to a mechanism for developing regulation that keeps up with the fast pace of innovation.In scope of the computer science world, a sandbox is also associated with a closed testing environment that designed for experimenting safely with web or software projects.Sandboxes are very important to the regulatory field, though is also utilized within the digital economy space.The first regulatory sandbox was launched in the United Read this Term of the UK Financial Conduct Authority to test its crypto-based remittance service using British pounds.

Formally known as BitX, the exchange was among several crypto firms whose banking privileges were snatched by their banking partners in the South Asian nation amid concerns over illicit financial activities using digital currency.

Meanwhile, the crypto exchange expanded its presence in Europe and Africa.

Singapore also introduced a new law - the Payment Services Act - to regulate entities offering trading services of digital currencies, which will be enforced next year.

The country recently granted a capital markets services license to Sygnum, a crypto-focused bank, allowing it to offer digital asset investment services to accredited and institutional investors.