Luno is the biggest cryptocurrency exchange in South Africa, and operates in over 40 countries around the world – with over two million customers.
The platform facilitates the exchange of local currency and major cryptocurrencies Bitcoin and Ethereum.
It also allows users to send, receive, and manage cryptocurrencies, but requires that users provide personal information and verify their identity to use the platform.
In South Africa, users who have achieved Level 1 verification can only deposit or withdraw a total of R15,000 over their account’s lifetime.
To raise this limit, customers are required to provide identifying information such as their mobile number, a copy of their ID, and proof of residential address.
KYC and regulation
Many of the markets in which Luno operates do not regulate the purchase and sale of cryptocurrency through an exchange, but Luno follows a self-regulatory approach – following the latest international information privacy and safety recommendations.
Luno explained the importance of transparency within regulatory practices and outlined how it stores users’ private information.
“Particulars like a verified email address, identity documents, or even a selfie help us know if you are, in fact, you,” Luno said.
“We need to do this because we exist in a time when online security equals real-world security, and we always want to keep you safe.”
The Know Your Customer (KYC) process used by Luno is a globally-recognised security measure for ensuring the identities of customers via information such as photos, IDs, home address, and more.
Security and Access Control
Luno said that it also complies with data protection laws at all times, and access to personal information is tightly controlled.
“We value your trust and work hard to make sure all your information is safe. Our team is trained to handle personal data securely and with the utmost respect.”
All access to personal information stored in Luno is logged and controlled on a need-to-know basis, with only certain employees being able to access it.
Additionally, all support communication is conducted through SSL-secured channels and all Luno employees are required to pass a background check, receive security training, and adhere to the company’s security policy.