Luno Malaysia Assures Customers Operations Remain Unaffected Following Parent Company Layoffs

• Layoffs has not affected ops in Malaysia, Singapore, and Indonesia
• "Important to reiterate to everyone that customer funds are safe"

Digital asset exchange Luno's recent announcement of the layoffs for roughly a third of their staff globally is the result of "an incredibly tough year", but will not affect operations in the Southeast Asia region.

In an interview, Aaron Tang (pic, above), Country Manager for Luno Malaysia, stated that the decision is a result of the difficult recent period in the crypto market and is not related to anything specific with Digital Currency Group (DCG), a parent company of Luno, whose lending unit had filed for bankruptcy last week. 

"2022 has been an incredibly tough year for the broader tech industry and in particular the crypto market," said Tang. "Luno unfortunately hasn’t been immune to this turbulence." 

"Funds are safe and operations continue as normal"

Despite the layoffs, Luno Malaysia has reassured its customers that their operations operations in Malaysia, Singapore, and Indonesia have not been affected and that the company is committed to building a seamless and secure platform in the region.

"Customers will be able to deposit, withdraw, buy and sell in exactly the same way as before the recent announcement," explained Tang. "We are confident that the internal changes announced will not have any impact on the services received by Luno Malaysia’s customers."

Tang also addressed concerns about a potential run on customer assets, stating that "none of this impacts our customers or operations." "Given all the sensitivity and misinformation in the market right now, I believe it’s also important to reiterate to everyone that customer funds are safe and operations continue as normal."

To maintain their customers' confidence, Luno Malaysia has emphasised its commitment to maintaining a secure platform and meeting its regulatory and financial crime compliance obligations as a regulated entity under the Securities Commission’s (SC) supervision. "We are required to serve customers according to the high regulatory standards imposed on all Digital Asset Exchanges in this country," reiterated Tang.

Keeping a strong and transparent relationship

In the wake of the layoffs, Luno Malaysia has outlined its plans to stabilise any fallout from the announcement. According to Tang, the company will be focusing on "maintaining our leadership position in our core markets, and continue to lay a strong yet sustainable foundation for the business".

Tang also highlighted the importance of keeping a strong and transparent relationship with customers and the SC in order to give customers and the SC confidence in its ability to navigate the current market conditions.