SIGNING UP WITH LUNO WAS A MISTAKE I NOW DEEPLY REGRET

Luno makes it incredibly easy to deposit Fiat currency into the exchange and purchase Crypto. It is what follows after they have custody of your money where the picture changes. I am new to Crypto and have read extensively on the subject. I as many beginners imagined this to be a departure from the frustration of dealing with greedy banks. My experience with Luno leaves me disillusioned.

My issue is with Luno imposing a monthly cap on the value of tokens I am able to self-custody in a cold wallet. I read all of the information provided on the on the Luno platform to try and understand why. Dissatisfied I posed a few very specific questions to the “help desk”. The reply amounted to irrelevant cut and paste phrases detailing how much Luno cares by promoting security conscious behaviour and anti-money laundering. I gave up after my third attempt after being gifted blessings from someone I do not know but represents an organisation I am now deeply mistrustful of.

My message to Luno is. If you suspect my dealings are dishonest, please do not play policeman, but rather take the initiative and report my activities to the authorities. You have my ID number. It is not your place to interfere with how I invest my hard-earned after-tax money.

If the “Luno support” is incapable of coherent replies or simply relegated to bots to mismanage. You are better off removing the facility. This would be an honest admission that your customer care service is non-existent, which it is. The converse of pretending is patronizing and frankly inflicts more damage on your brand.

To those wondering whether to adopt Luno as the exchange of choice. Do your homework. Anyone and everyone with any knowledge in the crypto world, warns against leaving ones crypto on an exchange in the custody of people who claim to have your best interest at heart. FTX is the finest example of what happens to people who trust those who trot out phrases that Luno posts in defense of their internal protocols.

Because there is no ZERO Luno gets just one lonely star.