Been using Luno for a while, and have recently had a massive issue. My daily send limit has been capped at $1000. Sequence of events:
- Last time I sent any crypto from Luno to wallet was in May.
- Send function was disabled. I enabled it in Aug. I see my daily send limit is low. Im level 3 verified.
- I contact Luno, they say there is nothing they can do. Regulations permit them to dynamically increase/decrease limits as they see fit. I'll post the email below.
- I disable the send function, and enable again in the new month (Sep), hoping it will reset. No luck as of 4 Sep. I have disabled send again and am going to give it a week or two to see if it makes a difference.
Is Luno overseen by a regulatory body in SA? I would like to log a formal complaint if I can't resolve.
"Thank you for getting back to us.
Kindly note that the limit you are encountering has nothing to do with your actual Level 3 account verification limit.
Keep in mind that the standard Level 3 verification account limit ensures that you are not limited when depositing to or withdrawing from your Luno account.
However, the Send Limit is simply a regulatory compliance measure put in place and it only affects sending out cryptocurrency.
Please note that all of our customers are affected by this limit regardless of their account levels.
We advise that you split up your transactions daily/monthly depending on the limits shown when using the app. In our article mentioned here: https://www.luno.com/help/en/articles/11000101469 "
- Last time I sent any crypto from Luno to wallet was in May.
- Send function was disabled. I enabled it in Aug. I see my daily send limit is low. Im level 3 verified.
- I contact Luno, they say there is nothing they can do. Regulations permit them to dynamically increase/decrease limits as they see fit. I'll post the email below.
- I disable the send function, and enable again in the new month (Sep), hoping it will reset. No luck as of 4 Sep. I have disabled send again and am going to give it a week or two to see if it makes a difference.
Is Luno overseen by a regulatory body in SA? I would like to log a formal complaint if I can't resolve.
"Thank you for getting back to us.
Kindly note that the limit you are encountering has nothing to do with your actual Level 3 account verification limit.
Keep in mind that the standard Level 3 verification account limit ensures that you are not limited when depositing to or withdrawing from your Luno account.
However, the Send Limit is simply a regulatory compliance measure put in place and it only affects sending out cryptocurrency.
Please note that all of our customers are affected by this limit regardless of their account levels.
We advise that you split up your transactions daily/monthly depending on the limits shown when using the app. In our article mentioned here: https://www.luno.com/help/en/articles/11000101469 "
