1 reviews | Active since Jan 2025
Unforeseen account closure
I got an email stating that I must close my account before 22 Jan 2025, as I had engaged in some "Prohibited Activity". They do not elaborate, just stating the decision to close the account is final. I opened my account in 2021, and traded a few crypto's. During the last 2 years I just held onto my crypto's. Did not do any transactions. So their email was very surprising and out of the blue. I asked them if I could transfer the crypto's to another wallet, and the answer was no. I had no choice but to close the account and transfer the funds to my bank account, which now becomes subject to tax. My intention was to hold onto my crypto's and cash in when I was ready. It is rather disappointing from Luno to: 1. Force me to close my account, and using their T's and C's as a reason which was not valid, as I did not engage in any "Prohibited Activity". They do not even want to tell me what was the "Prohibited Activity". Because there was none. 2. They did not even give me the option of transferring my crypto to another wallet. They blocked this function, so I could not transfer to another wallet. No sure why not give me the opportunity to do what I want with my investment. 3. They even warned me against trying to open another Luno account. I don't need their warning. I will never open another account with them . I will advise people to be careful when dealing with Luno. Rather find another crypto wallet.
