Luno will restrict your withdrawal limits based on your risk profile

Jan

Jan

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Luno's secret Bitcoin withdrawal limits

Luno has confirmed that it will silently restrict the cryptocurrency withdrawal limits of clients based on their risk profile.

The cryptocurrency exchange and wallet provider has a set of published send limits on its website, but it also has a separate set of dynamic limits that are not disclosed.
 
Any suggestions as to what to rather use?
I just opened a Luno account but haven't used it yet. Bullet dodged!
 
Snyper564 said:
Pooof... Just like that luno became an irrelevant exchange in sa...

I will never use them again because of this.
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Yup, no heads up if you could get flagged next and BAM if you have any measurable coin on luno you are restricted from moving it when it matters.

Just more reason to not use Luno as your wallet. If you need to sell something to cashout then transfer it to luno and sell. Don't bother buying on luno in order to transfer to another exchange because as luck would have it when you least expect it suddenly your account gets flagged for some random bs reason.

Bye Bye
 
Holy moses, what a pathetic, non-answer from Luno. I just signed up with them and was going to use them to purchase a number of crypto's as well as send to Binance. I will no longer be using them.

What absolute fail from Luno. I can't imagine how livid I would be if I couldn't send the crypto I had bought.

Pathetic Luno!!
 
I have a single digit % of my portfolio in crypto and it is through these guys. Haven't had any issues myself but this gives one serious pause. WTF Luno? You can't have your customer face seemingly random outcomes regarding their ****ing money. It's their ****ing money.
 
Gaz{M} said:
Holy moses, what a pathetic, non-answer from Luno. I just signed up with them and was going to use them to purchase a number of crypto's as well as send to Binance. I will no longer be using them.

What absolute fail from Luno. I can't imagine how livid I would be if I couldn't send the crypto I had bought.

Pathetic Luno!!
Click to expand...
luckily I don't send too much money from them, rather use coinomi if i have to send to a exchange,
first FNB refuses to work with them, and now this strange limits that come out of nowhere, all in order to protect people (as per their press release)

good on MYBB for exposing this, will simply move elsewhere, until Luno comes clean and reveals what these "criteria" are.
 
Still the biggest exchange and safest in my option, verification for level 3 is easy and daily limit is $120 000 and $600 000 monthly should be fine for 99.5% of people. Alternatives are Valr and Altcointrader but for me and most people this won't change much.
 
eg2505 said:
until Luno comes clean and reveals what these "criteria" are.
Click to expand...
that will never happen, you understand these mechanisms are to combat fraud right?

why would anyone advertise to fraudsters exactly how their anti fraud measures work? it simply trains fraudsters in becoming better at fraud

what Luno can and should however do is provide a way for customers to overcome these things when Luno got it wrong e.g. perhaps one should be able to request a large transfer processed by humans or a re-review of one's send limits, might involve additional due diligence or something, whatever it is, providing a way for customers to get unstuck would be good
 
"Reitz said that while customers could not influence their risk score, they can optimise their risk position by keeping their account information up to date, enabling safety features on their account, and generally keeping their account secure."

Can confirm that this affects customers who are fully up to date. I don't think Luno realizes the impact this article will have in terms of placing doubt in people's minds.
 
NarrowBandFtw said:
that will never happen, you understand these mechanisms are to combat fraud right?

why would anyone advertise to fraudsters exactly how their anti fraud measures work? it simply trains fraudsters in becoming better at fraud

what Luno can and should however do is provide a way for customers to overcome these things when Luno got it wrong e.g. perhaps one should be able to request a large transfer processed by humans or a re-review of one's send limits, might involve additional due diligence or something, whatever it is, providing a way for customers to get unstuck would be good
Click to expand...
that might work, I mean banks often advertise on their windows outside
that you need 48 hours to a week for a withdrawal of anything over 25K,

maybe luno should copy the banks methods and not just institute arbitrary means to keep money inside your account.
they should have other methods.
 
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