First National Bank (FNB) has announced its proposed decision to withdraw services to businesses within the cryptocurrency industry in South Africa. This is part of a reassessment of its operations within the cryptocurrency and digital asset space.
We can confirm that Luno, along with other similar businesses, is affected by this decision. This means that FNB may be closing our business bank account in the second quarter of 2020.
We do not anticipate any impact to our existing or future customers, as we have other banking relationships in place to support deposit and withdrawals on the platform. Customers with FNB accounts will be able to deposit into Luno’s fully integrated Standard Bank account.
In the absence of formal regulations, banks will continue to assess their exposure to cryptocurrencies. Luno is committed to working with the South African Reserve Bank and collaborating with other regulators to ensure they are prepared to embrace this change to our financial infrastructure.
We need to remember that cryptocurrencies are very new and so this move is not unique to South Africa while regulation across the globe continues to be shaped; it is one of the biggest challenges crypto companies face globally.
How does this decision affect me as a Luno customer?
Whether you are an FNB client or not, we don’t anticipate this decision having any impact on our current or future customers.
Can I still deposit and withdraw into my Luno Wallet from my FNB bank account after this change takes effect?
Yes, you will still be able to deposit or withdraw using your FNB account but you will need to deposit into Luno's Standard Bank account. Until end of March 2020 you can still directly deposit to Luno's FNB account.
Can I still buy crypto with Luno?
Yes, you can. This announcement has no impact on your ability to use the instant buy/sell and exchange as you normally would.
Will I need to change any of my account settings once this change comes into effect?
Not at this stage. If you are required to make any changes to your account settings, this will be communicated with you at the appropriate time.