LUNO – SIX YEARS LATER, MY REFUND IS STILL NOT RESOLVED

LUNO – SIX YEARS LATER, MY REFUND IS STILL NOT RESOLVED

I am extremely disappointed with the way Luno has handled my refund matter.

This transaction dates back approximately six years. Luno previously confirmed that the funds were reversed on 6 August 2021 to the bank account from which the original transaction was made. That business bank account has since been closed, meaning the funds could no longer be transferred back to that account.

I have fully cooperated with Luno and provided the documentation requested, including proof of directorship and company deregistration documentation. I subsequently provided my African Bank account as an alternative payout destination, which Luno has confirmed is verified.

After I escalated the matter, Luno referred it to a specialised team for review. I was given a 7-business-day target for a detailed update. Instead of a resolution, I have continued receiving responses stating that the review is ongoing and that no timeframe can be provided.

Luno has now stated that payment depends on the outcome of the review and the required authorisation, while confirming that my verified African Bank account remains the designated payout destination.

At this stage, I need clear answers:

• What exactly is still being reviewed? • What happened to the funds after Luno says they were reversed on 6 August 2021? • Have the funds been located or traced? • What “required authorisation” is still outstanding? • Has payment to my verified African Bank account been approved, is it awaiting approval, or is something else preventing payment? • What specifically remains outstanding before my funds can be released?

And if the outcome of this review is that my payment is rejected, I want Luno to clearly explain what happens to my funds. Who ultimately benefits from money that belongs to me if Luno refuses to release it? Where are those funds currently held, and on what basis would Luno retain them?

I have provided the documentation requested and a verified alternative bank account. I should not be expected to accept an indefinite review after approximately six years, particularly after already being given a 7-business-day timeframe for an update.

I am not asking for another generic response telling me that the matter is being reviewed. I am requesting a substantive explanation of where the matter currently stands and what is required for payment to be made.

Luno, I am requesting the return of my funds to my verified African Bank account and a clear written explanation of the current status.

I also expect Luno to acknowledge the financial disruption and inconvenience caused by having this matter unresolved for approximately six years.

Six years is more than enough time. I need my money returned.