1 reviews | Active since Sept 2021
Luno Sudddenly Closes User Accounts
I've had no issues with Luno. Always trusted the platform, had no bad experiences or any ******** hiccups like I've read other people have had.
But this morning I woke up to an email from Luno, stating...
"Following a review of your Luno account, the decision was made to close your account."
I'm not sure what type of activity has been flagged on my account, but in the last two weeks I've sold some bitcoin. With this I had withdrawn some money (fiat) and left some money in the Luno balance in fiat. I suspect I cannot keep fiat money in this balance with Luno for a period of time (point 16 here - https://www.luno.com/en/legal/terms#deposits). I still am in the dark though? Luno hasn't responded to my email when asking why my account is being closed and also indicated that my account will be closed and I should not try opening another Luno account...
This means I cannot be a player in the crypto market with Luno ...like forever...
I just get kicked out the club for not obeying a rule I am not even aware of...
I would like to know why my account is being closed? And why there isn't any prior indication as to how the activity on my profile affects my ability to act on Luno?
This is unfair, as a user I never got to state my case? Luno just decides to close my account based on their reasoning? And no indication of their reasoning either?
Luno is just another business that fails to empower and educate the people, they are no different from any banking institution - in fact the banks dont like the idea of crypto, but its companies like Luno that play alongside the bank and have no interest in making smarter and empower individuals.
If Luno were different, I would have had some assistance and not just get notified of account closure.
Its clear, Luno doesn't need users! Not you, not me, not anyone for that matter...
I didn't figure I was going to get assistance here on... Hello Peter.
My intention was to voice this issue. An issue which you seem to know very little of.
I will wait for support, because the account closure message asked me to move all crypto and withdraw all fiat currency within 14 days.
I didn't figure I was going to get assistance here on... Hello Peter.
My intention was to voice this issue. An issue which you seem to know very little of.
I will wait for support, because the account closure message asked me to move all crypto and withdraw all fiat currency within 14 days.
replay as follows...
Hi Byron,
We apologize for any frustration caused.
I've reviewed your account and can confirm that your last email has been received and that our support team will be in touch with you within 2-3 business days.
Due to the nature of your query, we will not be able to offer any further support or assistance regarding your account on the Hello Peter platform.
^SB
replay as follows...
Hi Byron,
We apologize for any frustration caused.
I've reviewed your account and can confirm that your last email has been received and that our support team will be in touch with you within 2-3 business days.
Due to the nature of your query, we will not be able to offer any further support or assistance regarding your account on the Hello Peter platform.
^SB
The problem with crypto exchanges is that they still act like the bank when you hold crypto on their platforms. A fee for every transaction, rules that govern how you can use and invest crypto. This still centralizes a decentralized concept.
There is a way to store crypto apart from exchanges - in the form of cold wallets. These wallets hold crypto and is not connected or stored on any crypto exchange, rather on a piece of hardware, something like a USB. Storing your crypto this way works best for investing crypto or wanting to hold onto crypto for investment purposes.
The mistake I made with Luno is trusting an online exchange with my invested crypto - if you're buying crypto for investiment purposes, Luno or any other online exchange is not the platform to keep your crypto or money for that matter. Not only are you governed by a set of exchanges that set the rules nowadays, but your money and investments are not safe in these exchanges.
Knowledge based article on hot and cold wallets
- https://coinmarketcap.com/alexandria/article/hot-wallets-vs-cold-wallets-whats-the-difference
Safest ways to store bitcoin
- https://www.investopedia.com/news/bitcoin-safe-storage-cold-wallet/
Hardware wallets (cold wallets) by Ledger
- https://www.ledger.com/
Can buy these on Takealot
- https://www.takealot.com/ledger-nano-s-cryptocurrency-hardware-wallet/PLID***3
The problem with crypto exchanges is that they still act like the bank when you hold crypto on their platforms. A fee for every transaction, rules that govern how you can use and invest crypto. This still centralizes a decentralized concept.
There is a way to store crypto apart from exchanges - in the form of cold wallets. These wallets hold crypto and is not connected or stored on any crypto exchange, rather on a piece of hardware, something like a USB. Storing your crypto this way works best for investing crypto or wanting to hold onto crypto for investment purposes.
The mistake I made with Luno is trusting an online exchange with my invested crypto - if you're buying crypto for investiment purposes, Luno or any other online exchange is not the platform to keep your crypto or money for that matter. Not only are you governed by a set of exchanges that set the rules nowadays, but your money and investments are not safe in these exchanges.
Knowledge based article on hot and cold wallets
- https://coinmarketcap.com/alexandria/article/hot-wallets-vs-cold-wallets-whats-the-difference
Safest ways to store bitcoin
- https://www.investopedia.com/news/bitcoin-safe-storage-cold-wallet/
Hardware wallets (cold wallets) by Ledger
- https://www.ledger.com/
Can buy these on Takealot
- https://www.takealot.com/ledger-nano-s-cryptocurrency-hardware-wallet/PLID***3
I can confirm that our Support team has responded to your last email.
Kind regards.
^SB
I can confirm that our Support team has responded to your last email.
Kind regards.
^SB