Terms Of Use

Acceptance of terms

Thank you for choosing Luno. The following Terms and Conditions and the Privacy Policy (together, the “Terms”) apply to any person that registers for and/or opens a Luno Account through Luno.com or any associated mobile applications, website, or APIs (together, the “Luno Site”).

The Terms constitute a legally binding agreement between you and Luno US, Inc. (“Luno”). For the purposes of these Terms, any reference to “we”, “us”, “our” and/or any similar term shall be construed as reference to Luno.

By registering for and opening a Luno Account, you unconditionally accept these Terms and agree to be bound by and act in accordance with them. You also accept and agree that you are solely responsible for understanding and complying with all United States laws, rules, regulations and requirements that may be applicable to your use of the Luno Site and/or to your Luno Account, including but not limited to, any laws related to export or import activity, taxes or foreign currency transactions.

Luno is not registered with the US Securities and Exchange Commission and does not offer securities services in the United States or to US persons.

Amendment of terms

Luno may amend the Terms from time to time. You should visit the Luno website regularly to check when the Terms were last updated (as displayed at the top of this document) and to review the current Terms. We will do our best to notify you of any amendments to the Terms that we consider likely to materially affect your rights and obligations. Any such notice will be posted on the Luno Site, or sent by email to the address associated with your Luno Account (see Electronic Communications).

The continued use of your Luno Account, after any amendment to these Terms, constitutes your acceptance of the Terms, as modified by such amendment. If you do not accept the Terms, or any amendment to them, you must immediately stop using the Luno Site and your Luno Account.

Eligibility

By opening a Luno Account, you expressly warrant and represent that:

• You are 18 years of age or over and have full capacity to accept the Terms and enter any transaction available through the Luno Site;
• You will not open, or attempt to open, a Luno Account under any name except your own; or use your Luno Account to carry out transactions on behalf of a third party;
• should Luno agree to onboard you as a Luno Business customer, then you will follow the Luno Business account application process if you seek to open and use a Luno Account for a non-individual legal entity (e.g. a company, trust or partnership);
• you will not have more than one Luno Account; use or access any Luno Account other than your own; or assist any other person in obtaining unauthorized access to any Luno Account;
• You will provide security for transactions carried out through your Luno Account by ensuring there is sufficient Local Currency or cryptocurrency (as the case may be) in your Luno Account in advance of any transaction;
• You will not allow or facilitate the deposit of Local Currency into your Luno Account unless that deposit is made in accordance with the Deposit Requirements (see Deposits);
• You will not allow or facilitate the withdrawal of Local Currency from your Luno Wallet to a bank account held in the name of a third party (see Withdrawals);
• You will not use your Luno Account for or in relation to any illegal activity, any Prohibited Activity, in violation of any laws, statutes, ordinances or regulations, or in breach of Luno’s Export Controls and Sanctions requirements;

Any capitalized terms used in this Eligibility section shall have the meaning given to them in these Terms. Reference in these Terms to “Local Currency” means fiat or government issued currency, for example the United States Dollar (e.g. $).

By opening a Luno Account you accept and agree that Luno may, without further notice and in its sole discretion, terminate, suspend or restrict the account of any customer who uses, or who we reasonably suspect may be using, the Luno Site or any Luno Account in a manner that is inconsistent with the letter or spirit of these Terms.

Risks

Before using the Luno Site, you should ensure that you understand the risks involved in buying, selling or trading cryptocurrencies. Cryptocurrency markets can be volatile and prices can fluctuate significantly, which could result in sudden and significant increases or decreases in the value of your assets. This market volatility and other risks involved in buying, selling or trading cryptocurrencies are explained below and on the Risk Warning page of the Luno website. There may be additional risks not identified in these Terms or in the Risk Warning.

You acknowledge that:

• cryptocurrency is not legal tender, is not backed by the government, and accounts and value balances are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections;
• legislative and regulatory changes or actions at the State, Federal, or international level may adversely affect the use, transfer, exchange, and value of cryptocurrency;
• transactions in cryptocurrency may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable;
• some cryptocurrency transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that you initiate the transaction;
• the value of cryptocurrency may be derived from the continued willingness of market participants to exchange Local Currency for cryptocurrency, which may result in the potential for permanent and total loss of value of a particular cryptocurrency should the market for that cryptocurrency disappear;
• there is no assurance that a person who accepts a cryptocurrency as payment today will continue to do so in the future;
• the volatility and unpredictability of the price of cryptocurrency relative to Local Currency may result in significant loss over a short period of time;
• the nature of cryptocurrency may lead to an increased risk of fraud or cyber attack;
• the nature of cryptocurrency means that any technological difficulties experienced by Luno may prevent the access or use of your cryptocurrency; and
• any bond or trust account maintained by Luno for your benefit may not be sufficient to cover all losses incurred by you.

You should carefully assess whether your financial situation and risk tolerance is suitable for buying, selling or trading cryptocurrency. You accept and agree that you are solely responsible for any decision to buy, sell, trade or otherwise hold or deal with cryptocurrency.

You acknowledge that Luno is not registered with the US Securities and Exchange Commission and does not offer securities services in the United States or to US persons.

By making use of Luno’s offering, you agree that: (1) you are aware of the risks associated with cryptocurrency transactions; (2) you assume all risk associated with the aforesaid cryptocurrency transactions, and the use of Luno’s platform in relation thereto; and (3) Luno shall not be liable for any such risks or losses suffered in connection therewith.

Electronic communications

You accept and agree that:

• any communications, agreements, notices and/or any other documents (together “Communications”) relating to your Luno Account or your use of Luno’s services will be provided to you electronically by posting them on the Luno Site, emailing them to the email address you have provided to us, or through any other form of electronic communication. You consent to receiving all Communications electronically;
• you will at all times have available to you the necessary hardware and software to receive, access and retain Communications sent to you electronically, including a device with an internet connection and a valid and accessible email address;
• you assume full responsibility for providing Luno with a valid and accessible email address to which any Communications may be sent, and for ensuring that email address and any other contact information is kept up to date. Any Communication sent to the email address you have provided to us will be deemed to have been received by you. You can amend your contact information by signing-in to your Luno Account and accessing the Settings page.

You may at any time withdraw your consent to receiving Communications electronically by contacting [email protected]. You acknowledge that failure to give, or withdrawing, consent to receiving Communications electronically puts the security of your Luno Account at risk (see Account Security) and that Luno reserves the right to close your Luno Account in the event you fail to give, or withdraw, your consent to the receipt of Communications electronically.

Identity verification

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. Accordingly, Luno implements and maintains the highest standards of Know Your Customer (“KYC”) processes and controls as part of our commitment to combating fraud and assisting in the prevention of money laundering and terrorist financing.

To ensure we meet these standards, our customers are required to provide certain personal details and documents when opening a Luno Account (“Identity Verification”), which may include certain personal information, including (without limitation) your full name, telephone number, address, e-mail address, date of birth, taxpayer identification number, a government-issued identification document, and information regarding your bank account (such as the name of the bank, the account type, routing number, and account number) and, where permitted by law, special categories of personal data, such as your biometric information. By providing us with this or any other information that may be required, you confirm that the information is accurate and authentic, and that you agree to keep us updated if any of the information you provide changes.

In certain circumstances, Luno may also perform enhanced due diligence (“EDD”) procedures in relation to your Luno Account. You accept and agree that you will remain subject to such procedures at all times.

Luno reserves the right to, at any time:

• restrict or suspend your Luno Account when we, in our sole discretion, consider it necessary to carry out further Identity Verification and/or EDD; or
• terminate your Luno Account if you provide, or we suspect you have provided, false information or refuse to provide information we require for Identity Verification and/or EDD.

You accept and agree that there may be delays in accessing your Luno Account, or in carrying out transactions through your Luno Account, while we undertake any Identity Verification and/or EDD procedures.

Retention of information. Luno is required to retain certain information and documentation obtained as part of the Identity Verification and EDD procedures. These requirements apply even when you have terminated your relationship with Luno. We reserve the right to keep such information and documentation in accordance with our obligations under application law for the required period and you accept and agree that information and documentation you provide to Luno may be retained by us, including following the closure of your Luno Account

The Luno wallet

The Luno Wallet allows you to send, receive and store cryptocurrency (together, “Luno Wallet Transactions”).

Supported Cryptocurrencies. The Luno Wallet is only available in relation to the cryptocurrencies that Luno, in its sole discretion, decides to support (“Supported Cryptocurrency” or “Supported Cryptocurrencies”). Information about the Supported Cryptocurrencies can be found on the Supported Cryptocurrency page on the Luno website. The Supported Cryptocurrencies may change from time to time. Under no circumstances should you attempt to carry out a Luno Wallet Transaction in relation to a cryptocurrency other than a Supported Cryptocurrency. In particular, but without limiting the generality of the foregoing, you accept and agree that you will have no access, entitlement or claim:

• to any cryptocurrency sent to a receive address associated with your Luno Wallet where that cryptocurrency is not a Supported Cryptocurrency; or
• to any cryptocurrency sent to a receive address associated with your Luno Wallet, where that receive address is associated with another cryptocurrency. For example, you will have no access, entitlement or claim to any Bitcoin Cash (BCH) sent to a Bitcoin (BTC) receive address.

Supplemental Protocols Excluded. Unless specifically announced on the Luno Site or other official public statement of Luno, Supported Cryptocurrencies exclude all other protocols and/or functionality which supplement or interact with the Supported Cryptocurrency. This exclusion includes (without limitation): metacoins, colored coins, side chains, or other derivative, enhanced, or forked protocols, tokens, or coins or other functionality, such as staking, protocol governance, and/or any smart contract functionality, which may supplement or interact with a Supported Cryptocurrency. You acknowledge that you should not use your Luno Account to attempt to receive, request, send, store, or engage in any other type of transaction or functionality involving any such protocol as Luno is not configured to detect, secure, or process these transactions or functionality. Any attempted transactions in such items will result in loss of the relevant item. You acknowledge and agree that supplemental protocols are excluded from Supported Cryptocurrency and that Luno shall bear no liability for any losses related to supplemental protocols.

Local Currency in your Luno Wallet. Local Currency deposited into your Luno Wallet (see Deposits) is solely for (1) the purchase of Supported Cryptocurrencies and/or (2) Withdrawal to an approved bank account (see Withdrawals).

Proceeds from the sale of Supported Cryptocurrencies will be credited to your Local Currency Luno Wallet, less any applicable fees (as explained in Fees, and on the Fees page of the Luno website). Luno does not pay interest on Local Currency or Supported Cryptocurrency balances held in your ordinary Luno Wallets.

Your Local Currency Wallet will enable you to hold USD in your Luno Account. You acknowledge that Luno will combine the balance of your Local Currency Wallet with other customers’ balances, and will hold those funds in a custodial account at a US FDIC-insured bank. For the avoidance of doubt, customer funds are held separately from Luno’s corporate funds, and Luno shall not use these funds for its operating expenses or for any other corporate purposes.

Transaction instructions. Luno will process Luno Wallet Transactions according to your instructions. You accept and agree that Luno does not:

• guarantee the identity of any user, receiver, or other party to a Luno Wallet Transaction. You are solely responsible for ensuring all transaction details are correct, and you should carefully verify all transaction information prior to submitting transaction instructions to Luno;
• have any control over, or any liability in relation to, the delivery, quality or any other aspect of any goods or services that you may buy from or sell to any third party. Luno shall not be responsible for, and will take no action in relation to, ensuring that any buyer or seller you transact with using your Luno Wallet completes the relevant transaction or has the requisite authority to do so.

Receiving cryptocurrency. You may receive Supported Cryptocurrency into your Luno Wallet by providing the sender with a receive address generated in your Luno Wallet. Your Luno Wallet will only be credited with Supported Cryptocurrency sent to a receive address generated through your Luno Wallet and associated with that Supported Cryptocurrency. For example, your Luno Wallet will be credited with ETH when it is sent to an ETH receive address generated through your Luno Wallet.

Funds received in error. In the event you know, suspect, or should reasonably know or suspect, that any Local Currency or cryptocurrency has been credited to your Luno Wallet (or to any bank account) in error, you must immediately notify Luno of the error by submitting a ticket through the Help Center. You accept and agree that you have no claim or entitlement to any Local Currency or cryptocurrency received in error, and must immediately return such funds in accordance with the instructions received from Luno.

Deposits

Where your identity has been verified (in accordance with the Identity Verification requirements), you may deposit Local Currency into your Luno Wallet by depositing funds into a Luno bank account (a “Deposit”). The Luno bank account into which you make a Deposit will be a segregated account used exclusively for the purpose of holding and processing customer funds. Subject to these Terms, you retain a right to any funds you deposit into the Luno bank account until such time as your funds are used or withdrawn.

For the payment methods supported in the United States, please see the Fees page of the Luno website (for the purposes of these Terms, the “Supported Deposit Methods”). Where you have made a Deposit using a Supported Deposit Method, and have adhered to the Deposit Requirements (explained below), your Deposit will be allocated to your Luno Wallet.

Due to legal and operational constraints, you must strictly adhere to the following Deposit requirements (the “Deposit Requirements”):

• you may only make a Deposit from a Supported Deposit Method held in your own name. You must not allow any third party to make a Deposit into your Luno Wallet;
• you may only Deposit Local Currency using a Supported Deposit Method compatible with the deposit methods available in the United States;
• you may only make Deposits denominated in the Local Currency associated with your Luno Wallet. For example, if you have a USD Wallet, you must only make Deposits in United States Dollars;
• where you make a Deposit using a credit or debit card, you authorize Luno to facilitate the debiting of the funds from your bank account in order to complete the Deposit;
• you must not use cash or cheques to make a Deposit. Luno reserves the right to refuse any Deposit made by cash or cheque. Should Luno decide, in its sole discretion, to allow a Deposit by cash or cheque on an exceptional basis, the allocation of such Deposit will be delayed to allow fraud and compliance checks to take place, and a Cash Deposit Penalty (see the Fees page of the Luno website) may be deducted from it. Any Luno Account that receives more than one cash or cheque deposit may, at Luno’s sole discretion, be suspended indefinitely or terminated.

You agree to abide by the Deposit Requirements and agree and accept that failure to do so may cause delay in or failure of any Deposit reflecting in your Luno Wallet, and/or restriction, suspension or termination of your Luno Account.

Allocation of deposits. You may deposit Local Currency into your USD Wallet from a valid bank account by way of an ACH transfer or a wire transfer. Your USD Wallet will be credited once the relevant bank transfer has cleared (i.e. is no longer in a pending state), which will usually be within 5 business days. You acknowledge and agree that Luno may debit your linked bank account as soon as you initiate payment. You furthermore agree that the name and details associated with your linked bank account and/or wire transfer must match the name verified on your Luno Account.

ACH deposits are made available for trading immediately. However, we reserve the right to hold funds in the amount of the ACH deposit and/or Supported Cryptocurrency held in your Luno Wallet sufficient to cover the funds transferred via ACH, which may exceed the amount of funds from the ACH deposit based on Luno’s assessment of potential fluctuations of the price of such Supported Cryptocurrency, and to prevent withdrawal until the ACH deposit is considered settled. Once your ACH deposit is considered settled, you will be able to withdraw these funds and initiate cryptocurrency sends.

Deposits may take time to reflect in your Luno Wallet due to bank processing times, operational processes, and/or failure by you to adhere to the Deposit Requirements. Under no circumstances will Luno have any liability to you in relation to any delay in or failure of a Deposit reflecting in your Luno Wallet. You agree and understand that ACH deposit settlement times are subject to bank holidays, the internal processes and jurisdiction of your bank, and the internal processes of our banks. You further agree and understand that in certain situations, ACH deposit settlement times may be delayed in connection with downtime or disruptions to Luno’s service providers. If your ACH deposit is returned to your bank, Luno reserves the right to avail itself of remedies set forth in these Terms to recover any amount owed to Luno.

Luno will make all reasonable efforts to allocate Deposits that do not meet the Deposit Requirements. However, any Deposits less than the Minimum Unallocated Deposit Amount that cannot be allocated within a one month period will be retained by Luno and you accept and agree that you shall have no further claim or entitlement to such funds. The Minimum Unallocated Deposit Amount shall until otherwise determined by Luno be USD10.00.

Withdrawals

Where you have added your bank account details to your Luno Account, you may withdraw funds from your Luno Wallet to your bank account (a “Withdrawal”). Luno will process Withdrawals in accordance with your instructions. You are solely responsible for ensuring that any Withdrawal instructions provided to Luno, including the relevant bank account number, are complete and correct and you accept and agree that under no circumstances will Luno be under any obligation to reverse or amend any Withdrawal.

Luno will make all reasonable efforts to process Withdrawals each business day, in accordance with the Deposit and Withdrawal Schedule on the Luno website, but you accept and agree that Luno provides no guarantee in relation to the Withdrawal processing period.

Withdrawals to the bank account of any third party are expressly prohibited. You agree not to make, or attempt to make, any Withdrawal of funds from your Luno Wallet to the bank account of a third party and accept that any such Withdrawal may be refused and/or result in the restriction, suspension or termination of your Luno Account

Instant buy or sell

Luno Wallet holders may use the Instant Buy or Sell service to buy or sell a chosen amount of Supported Cryptocurrency at the quoted exchange rate.

In using the Instant Buy or Sell service, you accept and agree that:

• when you make an Instant Buy or Sell order, Luno will execute the trade, in accordance with your instructions
• Luno is not acting as your broker, intermediary, agent, adviser or in any fiduciary capacity and no information or communication provided to you by Luno in relation to an Instant Buy or Sell transaction will constitute advice;
• when you place an order to buy or sell Supported Cryptocurrency, we will provide you with a quoted exchange rate. Luno is unable to, and will not, specify the percentage of the quoted exchange rate that reflects Luno’s facilitation of the relevant trade, as it will vary with market conditions. The quoted exchange rate may differ from rates seen elsewhere on the Luno site, or on external sources, and you acknowledge that the quoted exchange rate is the rate that will apply to your order;
• by proceeding with your Instant Buy or Sell transaction, you confirm that you accept the quoted exchange rate, including its components;
• a volume limit per transaction will apply to any Instant Buy or Sell order (see the Fees page of the Luno website); and
• Luno does not guarantee the availability of, or that there will be no delays or interruptions in or to, the Instant Buy or Sell service.

Before confirming any Instant Buy or Sell transaction, you must ensure that the amount of Supported Cryptocurrency to be bought or sold is correct and that you agree to the quoted exchange rate. Luno cannot reverse an executed order.

Luno reserves the right to delay or refuse any Instant Buy or Sell transaction if, in our sole discretion, we perceive there to be a risk of fraud or illegal activity, or where we have reasonable grounds on which to suspect an error may have been made. Luno shall have no liability to you in connection with any delay in or non-completion of an Instant Buy or Sell transaction.

Returns or Refunds. Any sale and/or purchase of Supported Cryptocurrency by you on Luno’s platform is final. We do not accept any returns or provide any refunds for any sale and/or purchase of Supported Cryptocurrency, except as otherwise provided in these Terms.

Fees

The fees applicable to transactions undertaken on the Luno Site can be viewed on the Fees page of the Luno website. Luno reserves the right to change our fees at any time and will update the Fees page accordingly. In certain circumstances, and at our sole discretion, Luno may notify selected customers of a specific fee change, where we consider a change to be of particular relevance to such customers.

Send and Receive fees. You may be charged a fee to send Supported Cryptocurrency from your Luno Wallet and/or to receive Supported Cryptocurrency into your Luno Wallet. Fees will apply where Supported Cryptocurrency is sent to or received from a Supported Cryptocurrency address (e.g. a Bitcoin address); no fees will apply where Supported Cryptocurrency is sent to or received from a mobile telephone number or email address. Please see the Fees page of the Luno website for further information on send and receive fees.

Deposit and Withdrawal fees. All Withdrawals from your Luno Wallet will incur a fee. These fees are set out on the Fees page of the Luno website. Some Deposits made using a Supported Deposit Method may incur a fee, as set out on the Fees page. Such fees will be displayed in your transaction history upon completion of the transaction.

Instant Buy and Sell fees. The quoted exchange rate in relation to any buy or sell order placed using the Instant Buy and Sell service will include an amount to reflect Luno’s facilitation of the relevant trade, the percentage of which will vary with market conditions (see Instant Buy or Sell).

Trade fees. Luno applies a Maker / Taker fee structure for customers using the Luno Exchange, which is explained in the Luno Help Center. Please consult the Fees and Features page of the Luno website for further information on applicable Maker and Taker fees. Luno will, at the time of any transaction on the Luno Exchange, notify you of any fees that will apply to the transaction. By proceeding with any transaction, you accept and agree to the applicable fees. Such fees will also be displayed in your transaction history upon completion of the transaction.

Account security

Luno takes security very seriously and the measures we have in place to protect your Luno Account are explained on the Security page of the Luno website. However, you are solely responsible for:

• maintaining adequate security and control over your Luno Account sign-in details, including but not limited to any passwords, personal identification numbers (PINs), API keys, or any other codes associated with your Luno Account;
• enabling any additional security features available to you, including the activation of two factor authentication on your Luno account (see the Luno Help Center);
• keeping your contact details up to date so that you can receive any notices or alerts we may send to you in relation to security (see Electronic Communications);
• maintaining security and control over the email mailbox, phone number and two-factor authentication applications or devices associated with your Luno Account.

Failure to take the above measures, and any other security measures available to you, may result in unauthorized access to your Luno Account and the loss or theft of any cryptocurrency and/or Local Currency balances held in your Luno Wallet or any linked bank account(s) and/or saved credit or debit card(s). Luno shall have no liability to you for or in connection with any unauthorized access to your Luno Account, where such unauthorized access was due to no fault of Luno, and/or any failure by you to act upon any notice or alert that we send to you.

The security of your Luno Account may be compromised, or interruption caused to it, by phishing, spoofing or other attack, computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect your computer or other equipment. Luno strongly recommends that you regularly use reputable virus screening and prevention software and remain alert to the fact that SMS, email services and search engines are vulnerable to spoofing and phishing attacks.

Care should be taken in reviewing messages purporting to originate from Luno and, should you have any uncertainty regarding the authenticity of any communication, you should log in to your Luno Account through the Luno website (specifically, https://www.luno.com, and not any other domain name or website purporting to be, or to be related to, Luno) to review any transactions or required actions.

To the maximum extent permitted by applicable law, you accept and agree that you have full responsibility for all activity that occurs in or through your Luno Account and accept all risks of any unauthorized or authorized access to your Luno Account.

Private keys. Luno securely stores all Supported Cryptocurrency private keys (“Private Keys”) associated with any Luno Account. You accept and agree that Luno shall retain full ownership and control of the Private Keys associated with your Luno Account and that you shall have no control of, access to, or the ability to use, such Private Keys. For example, but without limiting the generality of the foregoing, Luno will not:

• accept or adhere to any instruction to sign any data with a Private Key;
• give access to any funds associated with your private keys, other than those of the Supported Cryptocurrency associated with your cryptocurrency wallet;
• allow the creation of any receive addresses associated with a Private Key other than receive addresses created through your Luno Wallet. Luno will not credit to your Luno Wallet any cryptocurrency associated with a Private Key other than where such funds have been received via a receive address generated through your Luno Wallet.

Service availability

While we will do everything we can to provide continuous operations, Luno does not provide any warranty in relation to the availability of the Luno Site or your Luno Account. Without limiting the generality of the foregoing, we do not guarantee continuous access to the Luno Site or your Luno Account and make no representation that the Luno Site, Luno API, your Luno Account and/or any products or services offered therein will be available without interruption; or that there will be no delays, failures, errors, omissions or loss of transmitted information.

Transactions on cryptocurrency networks

When you use your Luno Account to send or receive cryptocurrency, the transaction must be confirmed and recorded in the public ledger associated with the relevant cryptocurrency network (e.g. the Bitcoin network or the Ethereum network). That cryptocurrency network is solely responsible for verifying and confirming any such transactions. Luno cannot confirm, cancel or reverse transactions on a cryptocurrency network, other than confirming to you that the network has completed the transaction. You accept and agree that:

• Once submitted to a cryptocurrency network, a transaction will be unconfirmed for a period of time pending sufficient confirmation of the transaction by the network. A transaction is not complete while it is in a pending state. Funds associated with transactions that are in a pending state will be designated accordingly, and will not be included in your Luno Wallet balance or be available to you to conduct transactions;
• When you send cryptocurrency from your Luno Account, you are authorizing us to submit your transaction request to the relevant cryptocurrency network. Once a transaction request has been submitted to the relevant cryptocurrency network, the network will automatically complete or reject the request and neither you or Luno will be able to cancel or otherwise modify your transaction.
• Cryptocurrency networks are operated by decentralized networks of independent third parties. They are not owned, controlled or operated by Luno so we cannot ensure that any transaction details you submit will be confirmed by the relevant cryptocurrency network. You agree that any transaction details you submit may not be completed, or may be substantially delayed, by the cryptocurrency network used to process the transaction.

Network protocols and operating rules. The underlying software protocols that govern the operation of the Supported Cryptocurrencies are open source. Accordingly, anyone can use, copy, modify, and distribute them and Luno has no ownership of or control over these protocols. By using the Luno Site, you accept and agree that:

• Luno is not responsible for the operation of any cryptocurrency network’s underlying software protocols and makes no guarantee as to their availability, security, or functionality;
• the underlying software protocols are subject to sudden changes in operating rules (known as “forks”), and that such forks may materially affect the value, function, and/or name of any cryptocurrency you store in your Luno Account. Should a fork occur, Luno may, with or without notice to you, temporarily suspend our operations and, in our sole discretion, decide whether or not to support either branch of the forked protocol entirely; and
• in the event Luno decides not to support a branch of a forked protocol, you will not be given access to the assets on that fork. Those assets will be securely held by Luno and we will not buy or sell them.

Account inactivity

Local Currency deposited into your Luno Wallet may only be used for the purchase of Supported Cryptocurrencies and/or Withdrawal to an approved bank account (see The Luno Wallet). You must not use your Luno Wallet for the purpose of storing Local Currency. Where any Local Currency in your Luno Wallet is not used for a period exceeding three months, Luno may charge and obtain from you an Inactivity Fee of USD2.00 per month, which shall be collected from the Local Currency held in your Luno Wallet. Should we have reasonable grounds on which to suspect you are using your Luno Wallet primarily for the purpose of storing Local Currency, Luno reserves the right to restrict, suspend or terminate your Luno Account.

Unclaimed property. In the event any funds are held in your Luno Wallet(s) and Luno has no record of any use of your Luno Account for several years, and we are unable to contact you, the law in your jurisdiction may require us to report and deliver such funds to the relevant authorities as unclaimed property. To the extent permitted by applicable law, Luno reserves the right to deduct a dormancy fee or other administrative charges from such unclaimed funds.

Closure of your account

You may close your Luno Account by submitting a closure request via the Help Center. Luno will action such requests once (i) the sum of all Local Currency and cryptocurrency balances in your Luno Wallet(s) is below the Minimum Closure Amount; and (ii) no transactions have taken place in your Luno Account for a period of at least 30 days. Such requirements are designed to protect you from loss and Luno will not action a closure request until they are satisfied.

You accept and acknowledge that, once your Luno Account is closed:

• you will have no further access to it;
• Luno will be under no obligation to notify you of, or provide to you, any cryptocurrency sent to any receive address associated with your Luno Account; and
• Luno reserves the right (but has no obligation) to delete all of your information and account data stored on our servers, and also reserves the right to retain any information that is required for legal or operational reasons in accordance with applicable law.

If at the date of closure of your account any Local Currency or cryptocurrency remains in your Luno Wallet(s) (i.e. funds amounting to less than the Minimum Closure Amount), you accept and agree that Luno shall retain such funds and that you shall have no further claim to them. The Minimum Closure Amount shall be USD10.00.

You accept and agree that Luno shall not be liable to you or any third party in relation to the closure of your Luno Account, the termination of access to your Luno Account, or for the deletion of your information or Luno Account data.

Restriction, suspension and termination

Luno reserves the right to restrict, suspend or terminate your Luno Account where:

• we reasonably suspect your Luno Account to be the subject of an operational or other error, in which case we may be required to suspend access to your account until such time as the error is rectified;
• we reasonably suspect your Luno Account has been or is being used in relation to any unlawful, fraudulent or Prohibited Activity, or in breach of these Terms;
• we reasonably suspect you or your Luno Account is or has been associated with, or poses a high risk of, money laundering, financing of terrorism, fraud, or any other financial crime;
• we reasonably suspect you of taking any action that Luno considers to be a circumvention of Luno’s controls, including but not limited to opening multiple Luno Accounts;
• we reasonably suspect your involvement in any attempt to gain unauthorized access to any Luno Account;
• your Luno Account is or appears to be the subject of any legal, regulatory or government process and/or we, in our sole discretion, consider there to be a heightened risk of legal or regulatory non-compliance associated with your Luno Account;
• we are compelled to do so by a prima facie valid subpoena, court order, or other binding order of a government or regulatory authority; or
• we reasonably conclude that you, or any person or geography with whom you transact, are / is the subject of any governmental sanctions.

Luno will make all reasonable efforts to provide you with notice of any decision to restrict, suspend or terminate your Luno Account, unless we are prevented from doing so by any legal or regulatory process or requirement, or where doing so may compromise Luno’s security and/or risk management procedures. You accept and agree that Luno is under no obligation to disclose to you the fact of or reason for any decision to restrict, suspend or terminate your Luno Account, and shall have no liability to you in connection with the restriction, suspension or termination of your Luno Account.

Account termination. Where Luno elects to terminate your Luno Account in accordance with the above, we shall (except where legally obligated not to) return your available cryptocurrency and/or Local Currency balances to you pursuant to the procedure set out below:

• Cryptocurrency. If you have an available balance of Supported Cryptocurrency in your Luno Account above the Minimum Threshold, we will liquidate the cryptocurrency and deposit the value realized from the liquidation into your Local Currency wallet. The Minimum Threshold is USD10.00, or its equivalent in any applicable Supported Cryptocurrency calculated on the day on which the liquidation is performed. We will not send your Supported Cryptocurrency to an alternative cryptocurrency wallet address. Any risk of a negative exchange rate fluctuation shall rest with you and you shall have no claim against Luno for any losses you may suffer as a result of the liquidation of your available balance of Supported Cryptocurrency.
• Local Currency. We shall return to you an amount no greater than the cumulative value of all Local Currency Deposits to your Luno Account, where applicable. Payment shall only be made to you following submission to us of valid bank account details in your name. We shall not transfer Local Currency to any bank account in the name of a third party.

Death of Account Holder. Should we receive legal documentation confirming your death or any other information leading us to believe that you have died, we reserve the right to restrict or suspend your Luno Account for security purposes and, during this time, for no transactions to be completed until such time as: (i) we receive instructions from your designated executor / fiduciary; or (ii) we receive proof in a form satisfactory to us that you have not in fact died.

If we have reason to believe you may have died but we do not have proof of your death in a form satisfactory to us, you authorize us to make all inquiries as may be necessary, whether directly or through third parties, in order to ascertain whether or not you have died. Upon receipt by us of proof satisfactory to us that you have died, the executor / fiduciary that you have designated in a valid Will or similar testamentary document may instruct us in writing to: (i) sell the applicable cryptocurrency for Local Currency and withdraw that Local Currency to a bank account nominated in writing by the executor / fiduciary; or (ii) transfer the applicable cryptocurrency to another cryptocurrency wallet nominated in writing by the executor / fiduciary.

If you have not designated an executor / fiduciary, then we reserve the right to treat as your executor / fiduciary any person who is entitled to inherit your Luno Account under applicable law. Luno reserves the right to demand all documentation that we, in our sole and absolute discretion, may deem necessary or appropriate in order to satisfy ourselves as to the identity and authenticity of such person, including (but not limited to) an order designating an executor / fiduciary from a court having competent jurisdiction over your estate. In the event that we determine, in our sole and absolute discretion, that there is uncertainty regarding the validity of the executor / fiduciary designation, then we reserve the right to require an order resolving such an issue from a court of competent jurisdiction before taking any action relating to your Luno Account.

Use of Luno API

This section 18 applies to any use of Luno’s Application Programming Interface and any associated documentation or materials (together, the “Luno API”, see the Luno API page of the Luno website). Any use of the Luno API is subject to this section and, for the avoidance of doubt, the Terms in their entirety.

Any use of the Luno API is entirely at your own risk. It is your responsibility to keep any API keys, passwords or other credentials relating to your use of the Luno API secure, and you accept and agree that you take full responsibility for any and all requests made over the API, whether authorized by you or not.

Luno sets and enforces limits on your use of the Luno API (e.g. limiting the number of requests per second). You accept and agree that any circumvention of, or attempt to circumvent, these limits, or any use of the Luno API that may adversely affect other users of the Luno Site, may result in Luno, at its sole discretion, revoking your API access.

Where market data is provided to you through the Luno API, you are not permitted to redistribute or sell such data without the prior written consent of Luno.

Financial Advice

Under no circumstances does any information contained on the Luno Site, or provided to you through your Luno Account or by any employee, agent or affiliate of Luno, constitute financial, investment or other professional advice.

You are solely responsible for any decision to store, buy or sell cryptocurrency, and such decision should take into account your risk tolerance and financial circumstances. For more information on the risks involved, see Risks and the Risk Warning on the Luno website. You should consult your legal or tax professional in relation to your specific situation.

Taxes

You are solely responsible for determining whether, and to what extent, any taxes apply to any transactions you carry out through your Luno Account, and for withholding, collecting, reporting and remitting the correct amounts of tax to the appropriate tax authorities.

Export controls and sanctions

Your use of the Luno Site is subject to international export controls and economic sanctions requirements. By undertaking any activity on the Luno Site or through your Luno Account, including but not limited to sending, receiving, buying, selling, storing or trading any cryptocurrency, you agree that you will at all times comply with those requirements. In particular, and without any limitation to the generality of the foregoing, you may not open, use, or have access to any Luno Account if:

• you are in or under the control of, or resident of, any country subject to United States embargo, UN sanctions, the HM Treasury financial sanctions regime, or if you are on the U.S. Treasury Department's Specially Designated Nationals List or the U.S. Commerce Department's Denied Persons List, Unverified List, Entity List, or HM Treasury's financial sanctions regime; or
• you intend to supply any acquired or stored cryptocurrency, or transact with people or businesses operating in any country subject to United States embargo or HM Treasury's financial sanctions regime, or to a person on the Specially Designated Nationals List, Denied Persons List, Unverified List, Entity List, or HM Treasury's financial sanctions regime.

You understand, acknowledge, and agree that the software elements on the Luno Site may be subject to regulation by agencies of the United States Government, including the United States Department of Commerce, which prohibits export or diversion of software to certain countries and third parties. Diversion of such materials contrary to the laws of the United States, or any international, provincial, state or other applicable law is prohibited. You will not assist or participate in any such diversion or other violation of applicable laws and regulations. You agree that none of the Luno Site, your Luno Account and any Supported Cryptocurrency will be used, acquired for, shipped, transferred, or re-exported, directly or indirectly, to prohibited or embargoed countries or their nationals or be used for prohibited activities.

Prohibited activities

You must not use your Luno Account to undertake any of the activities or categories of activity set out in this section (each a “Prohibited Activity”):

• violation of any laws, statutes, ordinance or regulations;
• undertaking, facilitating or supporting criminal activity of any kind, including but not limited to, money laundering, terrorist financing, illegal gambling operations or malicious hacking;
• abusive activity, including but not limited to:
• • imposing an unreasonable or disproportionately large load on Luno’s infrastructure, or otherwise taking any action that may negatively affect the performance of the Luno Site or Luno’s reputation;
  • attempting to gain unauthorized access to the Luno Site or any Luno Account;
  • transmitting or uploading any material to the Luno Site that contains viruses, Trojan horses, worms, or any other harmful programmes; or
  • transferring your Luno Account access or rights to your Luno Account to a third party, unless as required by law or with Luno’s prior consent.
• paying in to or otherwise supporting pyramid schemes, Ponzi schemes, matrix programmes, “get rich quick” schemes, multi-level marketing programmes or high-yield investment programmes;
• fraudulent activity, including but not limited to taking any actions that defraud Luno or a Luno customer, or the provision of any false, inaccurate, or misleading information to Luno;
• transactions involving items that may help facilitate or enable illegal activity; promote or facilitate hate, violence or racial intolerance; are considered obscene; or may be stolen goods or the proceeds of crime;
• transactions involving TOR markets, online gambling sites or mixers;
• sale or purchase of narcotics or controlled substances;
• intellectual property infringement.

By opening a Luno Account, you confirm that you will not use your account to undertake any of the above-listed Prohibited Activities or any similar or related activity.

Activities subject to the prior written approval of Luno. Unless you have obtained the prior written approval of Luno, you accept and agree that you will not use your Luno Account to conduct or operate any of the following business activities or categories of activity:

• money services, including but not limited to money or cryptocurrency transmission, currency or cryptocurrency exchange or dealing, payment service providers, e-money or any other financial services business;
• gambling or gaming services;
• charitable or religious / spiritual organizations;
• consumer lending services, including but not limited to secured and unsecured loans, cash advances, payday lending;
• investment funds, asset management, or brokerage services.

We reserve the right to restrict, suspend or terminate your Luno Account if we suspect, in our sole discretion, that you are using, or have used, your Luno Account in association with any of the activities listed above, or any similar or related activity, without having obtained the prior written approval of Luno.

Disclaimer of warranties

The Luno Site, your Luno Account and any related products or services are offered on a strictly “as-is” and “where-available” basis and Luno expressly disclaims, and you waive, all warranties of any kind, whether express or implied. Without limiting the generality of the foregoing, the Luno Site, your Luno Account, and any related products or services are offered without any warranty as to merchantability or fitness for any particular purpose.

Some jurisdictions do not allow the disclaimer of implied terms in consumer contracts, so some or all of the disclaimers in this section may not apply to you.

Limitation of liability

In no event shall Luno, its operating entities or any other affiliates (including their respective directors, members, employees or agents) be liable to you for any direct, indirect, special, consequential, exemplary or punitive damages or any other damages of any kind, including but not limited to loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, whether in contract, tort or otherwise, arising out of or in any way connected with your use of, inability to use, or unavailability of the Luno Site and/or your Luno Account, including without limitation any damages caused by or resulting from any reliance upon any information received from Luno, or that result from mistakes, omissions, interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission or any failure of performance, whether or not resulting from a force majeure event, communications failure, theft, destruction or unauthorized access to Luno’s records, programmes or services.

In no event will any liability of Luno, its operating entities or any other affiliates (including their respective directors, members, employees or agents) arising in relation to your use of the Luno Site or your Luno Account, exceed (in aggregate) the fees earned by Luno in connection with your use of your Luno Account in the six month period immediately preceding the event giving rise to the claim for liability.

The above limitations of liability shall apply to the fullest extent permitted by law in the applicable jurisdiction. Because some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages, some of the limitations in this section may not apply to you.

If you are a resident of New Jersey, the provisions of this Section 24 apply only to the extent permitted under New Jersey law

Indemnity

To the maximum extent permitted by law, you agree to indemnify Luno, its operating entities or any other affiliates (including their respective directors, members, employees and/or agents) against any action, liability, cost, claim, loss, damage, proceeding or expense suffered or incurred directly or indirectly arising from your use of or conduct in relation to the Luno Site and/or your Luno Account, or from your violation of these Terms.

USDC

To the extent that we offer it, you may elect to purchase or sell USD Coin ("USDC") through Luno. USDC is governed by Centre, a membership-based consortium founded by Circle Internet Financial Limited (“Circle”) that sets technical, policy and financial standards for USDC (“Centre”). By acquiring USDC, you acknowledge that you will become the owner of the balance held in your USDC wallet and that, accordingly, you agree to abide by any rules or technical standards set by Centre and/or the applicable USDC issuer, including (without limitation) the Circle USDC Agreement (located at support.usdc.circle.com). For the avoidance of doubt, Luno is not the issuer of USDC, does not hold US Dollars on reserve for USDC holders, and has no obligation to repurchase or redeem your USDC for any fiat currency. Any redemption of USDC should be done against the issuer directly. Luno reserves the right to change, suspend, or discontinue any service in relation to USDC at any time, without notice and without attracting any liability therefor.

Repeat-Buy

You may initiate recurring transactions to or from your Luno Wallet(s) (“Repeat-Buy”). If you initiate a Repeat-Buy, you acknowledge and undertake that:

• your Repeat-Buy transaction will be executed at the prevailing market price offered on Luno’s Instant Buy or Sell service at the time that we execute the relevant Repeat-Buy order;

• you authorize us to initiate recurring electronic payments to and from your Luno Wallet in accordance with your selected Supported Cryptocurrency and any corresponding Supported Deposit Method, such as debiting of the funds from your bank account or other payment account. your Repeat-Buy transaction will occur in identical, periodic installments, based on your selection (e.g. daily, weekly, monthly), until either you or Luno cancels the Repeat Buy;

• where you have set up Repeat-Buy to execute against your Luno Wallet, the Repeat-Buy transaction will be executed against the positive balance of available funds held in your applicable Luno Wallet (i.e. this does not include funds which are related to any open orders on the Luno exchange) (“Available Funds”) . You must ensure that you have sufficient Available Funds in your Luno Wallet to pay for your Repeat-Buy on the scheduled payment date;

• if any Repeat-Buy fails 3 (three) consecutive times, then we shall have the right to cancel or pause your Repeat-Buy;

• we may charge you a Repeat-Buy fee which will be charged in addition to any other fees and costs listed on our Fees page; and

• you may cancel or remove your Repeat-Buy at any time by navigating to the applicable Supported Cryptocurrency wallet and clicking "Remove Repeat Buy”.

Miscellaneous

Governing law.This agreement shall be governed by and construed in accordance with laws of the State of Connecticut.

Entire agreement. These Terms constitute the entire agreement and understanding between you and Luno with respect to their subject matter and supersede any and all prior discussions, agreements and understandings of any kind between you and Luno (including but not limited to any prior versions of these Terms).

Severability. If any provision of these Terms, as amended from time to time, is determined to be illegal, invalid or unenforceable, in whole or in part, under any law, such provision or part thereof shall to that extent be deemed not to form part of these Terms but the legality, validity and enforceability of the other provisions in these Terms shall not be affected and everything else in these Terms will continue in full force and effect.

In the event any provision or part thereof of these Terms is determined to be illegal, invalid or unenforceable, that provision or part thereof shall be replaced by the parties with a legal, valid and enforceable provision or part thereof that has, to the greatest extent possible, a similar effect as the illegal, invalid or unenforceable provision, given the content and purpose of these Terms.

Assignment. You may not assign or transfer any of your rights or obligations under these Terms without Luno’s prior written approval. You give Luno your approval to assign or transfer these Terms in whole or in part, including but not limited to: (i) a parent company, subsidiary, affiliate, or other “group company” (“Group company” shall, in this context, refer to any entity which is under common control with Luno, and “control” in this context refers to the direct or indirect ability to exercise a majority of the voting rights in such an entity); (ii) an acquirer of Luno’s equity, business or assets; or (iii) a successor by merger.

Change of control. In the event that Luno is acquired by or merged with a third party, we reserve the right to transfer or assign the information we have collected from you as part of such merger, acquisition, sale, or other change of control.

Privacy, Confidentiality. Luno accesses, processes and stores your personal information when providing the services to you. You consent that Luno may collect, use or disclose your personal information as described in the Privacy Policy. Please review our Privacy Policy to understand our commitment to your privacy and your rights.

Force Majeure. Luno shall not be liable for any delays, failure in performance or interruption of service which result directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labour dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond our reasonable control.

Survival. All provisions of these Terms that by their nature extend beyond the expiry or termination of these Terms, including but not limited to, sections relating to the suspension or termination of your Luno Account, use of the Luno Site, disputes with Luno and general provisions, shall survive the termination of these Terms.

Headings. Section headings in these Terms are for convenience only, and shall not govern the meaning or interpretation of any provision of these Terms.

English language controls. Notwithstanding any other provision of these Terms, any translation is provided solely for your convenience. The meanings of terms, conditions and representations herein are subject to definitions and interpretation in the English language. Any translation provided may not accurately represent the information in the original English.