South African Exchange Sets Up Crypto Withdrawal Limits

Luno is a purely South African based crypto trading platform which is rapidly growing in the country and is quite popular amongst the local crypto investors. However, while securing most of the South African crypto investors, the firm has recently amended its withdrawal policy by restricting it to certain limitations.

Luno is one of the leading and top crypto trading platforms present in South Africa. Its business have been growing across the country because more and more customers are moving towards its trading platform. One of the reason why it is so popular because it is a crypto firm which is headquartered in South Africa and is registered therein. This is why it has been able to gain the trust of majority of South African crypto investors. Otherwise, they had to crave for their interest outside their homeland and with foreign crypto entities.

However, there has been a slight change in the firm’s withdrawal policy recently. The firm has particularly amended the policy under the title “dynamic risk-based limits”. What was more intriguing about the changed policy was that none of the Luno’s customers were told about the change. It became apparent only when one of the users accidently had a look at the policy and discovered the changes made therein.

The customer told that he was trying to take out his funds from his account. After withdrawing the funds, he proceed to send the funds into the digital wallet backed by Binance. However, his request was instantly denied. Upon failure to send the funds to Binance, the customer then stumbled upon the policy. He then realized that under the changed policy, Luno has restricted sending or receiving any funds from Binance.

When the customer contacted Luno’s team, he was apprised that under the policy, the firm cannot transact any funds involving Binance. Upon questioning why such a measure has been taken, Luno’s personnel informed the customer that the decision has been made by the company. The firm wants to make sure that its customers are safeguarded against exposure of frauds.

In addition, the customer was told that the limit is not fixed. The limit is in fact dependent upon the customer’s transaction history and varies from person to person. But the personnel of Luno did not clarify as to what percentage has been affixed against the withdrawal limit.  

Meanwhile, Marius Reitz, who is Luno’s GM tried to explain why the limit has been implemented in the first place. He was of the view that the risk factor will be determined on the basis of risk scoring percentage. This is why there was no numerical value fixed against the limit. However, Luno’s customers have the option of bringing down their risk scores by continuously updating their accounts’ history and information.

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