Luno

So here's the thing. When your bank account is at the same bank as I bank at, and I pay money over to you, the transfer is normally immediate. Three years ago, the situation was this. But for one company now, things have gone a bit backwards, and who are they blaming? Oh those nasty little banks.

Three years ago, when I last paid monies over to Luno to fund purchases, the funds transferred almost immediately and my purchases were completed. But now, oh no, unless you link your account to theirs, and cough over 1.2% of your purchase price, your deposit will now take over 2 days to process... and Luno, dear Luno, blames those pesky, nasty banks. And this is verbatim what they say "Banks take at least 2 business days to process deposits (longer over weekends)." And, of course, the "2 business days" is in bold. How did previously "free" immediate transactions between 2 accounts of the same bank now go to all of 2 days to process? Hmmmm....

Now, I don't particularly like banks, but to blame them for your greed and avarice, and to connive your clients to use some feature that will cost them an additional 1.2%, before all the other costs related to cryptocurrency, seems pretty dastardly.

Perhaps other exchanges do the same thing, but I have not used their services previously and do not know how they operate. I have used Luno, and now, as a result of being treated like a lamb to the slaughter, I will end my relationship with them.

Perhaps FSCA should be investigating Luno's business practices? Carte Blanche? Daily Maverick? Moneyweb?