Luno shuts down Ethereum Instant Buy and Sell

Luno has disabled its Instant Buy and Sell functionality for Ethereum due to congestion on the blockchain.

In a report on its status page, the exchange said Ethereum sends and receives would also be slow, but the exchange is still available for orders.

This removes the ability for South Africans to purchase Ethereum from Luno using rand, and they will now have to buy Bitcoin and trade it for Ethereum on the exchange.

The Ethereum blockchain has suffered from extreme congestion since the launch of CryptoKitties – causing transactions to skyrocket.

This in turn raised transaction fees and confirmation times, making sending and receiving Ethereum slower and more expensive.

MyBroadband asked Luno for comment on the matter, but it did not respond to questions.

Now read: CryptoKitties explained – The massive Ethereum craze

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Luno shuts down Ethereum Instant Buy and Sell