Luno told one news outlet that the Financial Conduct Authority’s new rules, taking effect in October, necessitate a business review and that the restrictions affect other players too.
The FSCA says 20 exchanges have submitted applications, including Digital Currency Group-owned Luno, with the new licensing requirement meant to protect investors.
After laying off 35% of its staff in January, Luno is now ceasing its services in Singapore amid increased regulatory scrutiny in the city-state.
Only two months since entering 2023, thousands have been laid off in the digital currency industry, but hopes of a bull market remain, though it may not likely be the same as before.
It's estimated that the firm will cut 330 jobs, mostly in its marketing department, giving some insight into how industry insiders view the growth prospects of exchanges in the near-term future.
In a 'town hall' meeting on January 25, U.K.-based digital assets exchange Luno revealed that around 35% of them were out of a job.
Despite thriving for years now, Nigeria’s digital currency industry faces its biggest threat yet following a central bank ban that has denied it basic banking services.
A new report by Luno and Arcane Research has delved into the African digital currency market, acknowledging the opportunities and analyzing the challenges.
Africa’s digital currency exchanges have continued to register constantly high trading volume despite the COVID-19 pandemic, with some even increasing users
Africa’s cryptocurrency industry has continued to grow as more people wake up to the massive opportunity that Bitcoin offers.
The move affects the largest crypto exchanges in South Africa, with the banks citing regulatory ambiguity.