Luno return my money please!!!

Joined
Oct 28, 2014
Messages
21
#43
my money got frozen in my Luno wallet since 21st Jan,how many days now.i think i offer enough docs to them,and as usually no reply today!!!!
 

ghoti

Karmic Sangoma
Joined
Jan 17, 2005
Messages
45,561
#44
I actually can't believe this.

@Lunomoney - can you confirm Luno are actually requesting this slew of personal details?
This is common with exchanges. The worst is if you have accounts on exchanges around the world.... and you reset your phone which had all the 2FA.

Expect to take the weirdest, most personal pictures you can imagine :/ Its not cool, but there is so much crime, what do they do?
 
Joined
Oct 28, 2014
Messages
21
#46
This is common with exchanges. The worst is if you have accounts on exchanges around the world.... and you reset your phone which had all the 2FA.

Expect to take the weirdest, most personal pictures you can imagine :/ Its not cool, but there is so much crime, what do they do?
i didnt lost my phone bro``
 

saor

Honorary Master
Joined
Feb 3, 2012
Messages
18,896
#48
Joined
Oct 28, 2014
Messages
21
#49
This is common with exchanges. The worst is if you have accounts on exchanges around the world.... and you reset your phone which had all the 2FA.

Expect to take the weirdest, most personal pictures you can imagine :/ Its not cool, but there is so much crime, what do they do?
ì also sent my selfie to them many times,and id passport everything...but still not enough for them!!!!
 

saor

Honorary Master
Joined
Feb 3, 2012
Messages
18,896
#51
I realise of course there's a small chance OP is regularly cashing in 1 million ZAR and luno have flagged the account. I've yet to see other people reporting such requests from luno.
 
Joined
Apr 8, 2006
Messages
60,240
#52
No its not. I have multiple accounts and have never heard of someone needing to send 3 months bank statements and employment slips. ID and proof of residence will usually suffice. Did you see this post?: https://mybroadband.co.za/forum/threads/luno-return-my-money-please.1005160/post-22887254

They're literally holding funds hostage with some stupid questionnaire.
But aren't they suppose to abide by FICA? I think they do and if so are by-law required to freeze accounts till identity is verified as well as source of funds. If it's higher than a R 25k deposit.
 

IOPS

Well-Known Member
Joined
Oct 2, 2016
Messages
403
#55
But aren't they suppose to abide by FICA? I think they do and if so are by-law required to freeze accounts till identity is verified as well as source of funds. If it's higher than a R 25k deposit.
Why would they need to abide by FICA if there's no regulation?
I'm pretty sure, like other exchanges, do KYC to minimise risk.
 
Joined
Apr 8, 2006
Messages
60,240
#56
Why would they need to abide by FICA if there's no regulation?
I'm pretty sure, like other exchanges, do KYC to minimise risk.
I think you have a massive misconception about "non-regulation" of bitcoin, and exchanges within SA's borders. The coin not being regulated in trades is one thing, depositing money into an exchange is another. Maybe go read up a bit?
 

IOPS

Well-Known Member
Joined
Oct 2, 2016
Messages
403
#57
I think you have a massive misconception about "non-regulation" of bitcoin, and exchanges within SA's borders. The coin not being regulated in trades is one thing, depositing money into an exchange is another. Maybe go read up a bit?
Read up on the proposed regulations? I'm pretty sure Luno self-regulates to keep the banks happy, maybe their rep can confirm?

Either way, it's definitely not required by FICA. That would mean regulation would already be here, which it's not.
 
Last edited:
Joined
Oct 28, 2014
Messages
21
#58
eventually i got my money back.Luno withdraw my funds to my bank account today.I took me 20 days to sort out the issue.not very good experience i have to say.Hope other exchange can do better job in SA crypto market.
 
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