One of South Africa’s biggest cryptocurrency exchanges, Luno, has confirmed that it has started restricting withdrawals by clients. The exchange insists the limits are meant to “act as a deterrent for illicit actors moving large amounts of funds within the crypto ecosystem.”
Transfers From Luno to Binance Blocked
However, despite this acknowledgement, Luno has so far refused to explain how the exchange sets the so-called “dynamic risk-based limits.” According to a report, the limits — which are separate from the send limits that appear on Luno’s website — were discovered by one of the exchange’s clients. The discovery became apparent to the client when their attempt to transfer crypto assets from a Luno account to a Binance wallet failed.
When approached for answers, Luno explained to the client(s) that the limits had been imposed in order to “protect our customers and in an effort to comply with best practices in anti-financial crime and anti-fraud.”
Furthermore, the exchange told the client that…