Luno Offers Cryptocurrency Customers Two Options

By Adedapo Adesanya

Cryptocurrency trading platform, Luno, has disclosed that since it has been forced to disable all Naira withdrawals and deposits, its users can either choose to stay or transfer to a different wallet address.

This is in light of the circular last Friday from the Central Bank of Nigeria (CBN) directing financial institutions to close bank accounts of cryptocurrency service providers.

In a notice sent to customers on Thursday and seen by Business Post, Luno said, “We’re very sorry that we weren’t able to inform you of this in advance, but we did not receive the prior warning that we needed from our payment partners.”

“If you’ve already requested a withdrawal, we, unfortunately, cannot guarantee that it will be processed. If it is not processed, it will be returned to your wallet,” the company further said.

It, however, guaranteed its users that their funds are completely safe, adding that it was working hard to resolve this issue as quickly as possible.

“This is an ongoing situation, so please check the status page for updates. We’ll keep you informed of all incoming developments as soon as we receive further information,” the disclosure stated.

It then gave users options of either choosing to retain their assets until the situation is resolved or transfer it to another wallet.

“You can continue to use all your account features as normal, with the exception of depositing and withdrawing Naira.

“If you’re concerned about the volatility of your cryptocurrency, you can move your cryptocurrency into USDC.

“You can still send your cryptocurrency to wallets on other platforms. However, we would strongly recommend that you do not send your cryptocurrency to strangers offering to withdraw your cryptocurrency for you, as they may be trying to scam you,” it added.

Luno noted that it will continue to work with the CBN and others to find a solution to the issue, reiterating that it has always worked closely with regulators in Africa and all regions it operates.

“Nigeria’s regulators have taken a pragmatic and forward-looking approach to cryptocurrency in the past and we’re confident that this issue can be resolved quickly so that Nigeria can continue to play a central role in the growth of cryptocurrency,” Luno said.