Withdrawal Limits Set By South African Crypto Exchange

South Africa has plenty of crypto exchanges available these days and people use them for various trading or investment-related purposes. However, Luno happens to be undoubtedly the biggest crypto exchange in this country. A huge part of South Africa’s population relies on this exchange for their various crypto related needs.

While the crypto seen in this nation is far from perfect, there have been some improvements made during the recent days. One of the biggest changes being made recently is directly related to Luno. For those who are wondering, Luno recently announced that it planned to completely restrict any kind of withdrawal made by the clients.

In addition, the exchange stated that there is a clear reason for setting these limits, one of which is to steer clear from the fraudsters who move massive funds inside the ecosystem of crypto. This news shook up the crypto world in a great way, as people desperately wanted the crypto scene of South Africa to improve.

However, that is not the only step that Luno took to make the ecosystem of the crypto world better. The South African crypto exchange also made it clear that it will be effectively blocking any transfer made to binance from Luno. That being said, despite acknowledging all of this, the higher-ups at Luno did not explain how it would set its risk based limits in the future.

There are some reports that suggest that the limits will be separate from any send limit appearing on the website of this crypto exchange. This discovery started becoming abundantly clear to clients once they started to try transferring their crypto assets through the exchange’s account. Essentially, any kind of transfer made from Luno towards a wallet from Binance failed.

Because of all of this, several clients decided to question Luno and the exchange responded accordingly. Higher ups from Luno clarified that they imposed the limits for protecting customers and following best practices concerning anti-fraud and anti-financial criminal activity. In addition to that, the officials stated that the limits imposed were essentially dynamic, with their calculations based on the overall risk scoring of the customer.

Despite all of these massive changes in place, experts in the crypto bubble think that there is still a lot more to come. They believe this because Luno intends to make a massive change in the South African crypto bubble to steer clear from scams and other kinds of fraudulent activities. Needless to say, things seem to be on the up and up in Africa’s crypto scene. Therefore, it would not be a far stretch to assume that more people could invest in crypto down the line.