- The interest rate is variable
- Transfers out can take up to 7 business days
- Interest is paid out monthly
- Your crypto will be lent to a third party and is not insured or guaranteed
Acceptance of terms
These Terms constitute a legally binding agreement between you and Luno Pte Ltd, which is a company incorporated under the laws of Singapore. For further information on Luno Pte Ltd, and its operating subsidiaries, please see the Company Information page on the Luno website. For the purposes of these Terms, any reference to "we" "us" "our" "Luno" and/or any similar term shall be construed as reference to Luno Pte Ltd.
By utilising the Savings Wallet, 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 laws, rules, regulations and requirements of the jurisdiction in which you live that may be applicable to your use of the Savings Wallet, including but not limited to, those related to taxation, export or import activity, or foreign currency transactions.
Please read these Terms carefully before using the Savings Wallet because they affect your legal rights and obligations.
Amendment of terms
Luno may amend these Terms from time to time. You should visit the Luno website regularly to check when these Terms were last updated and to review the current Terms. We will do our best to notify you of any amendments to these 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.
The continued use of your Luno Savings Wallet, 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 Savings Wallet.
The savings wallet
The Luno Savings Wallet allows you to earn interest on cryptocurrency deposited into a wallet which has been designated for this purpose.The Savings Wallet is expressly a lending product, and you should accordingly familiarise yourself with these Terms, in particular sections [4 and 5] below.
Any reference to "interest" in these Terms refers to interest earned on Supported Cryptocurrency which, for the avoidance of doubt, will itself be denominated in the same Supported Cryptocurrency as the relevant Savings Wallet.
Supported Savings Wallet Cryptocurrencies. The Luno Savings Wallet is currently only available in Bitcoin, Ethereum, and USD Coin but Luno may, in its sole discretion, decide to support additional cryptocurrencies in the Savings Wallet from time to time (each a “Supported Savings Wallet Cryptocurrency” or, collectively, “Supported Savings Wallet Cryptocurrencies”). Under no circumstances should you attempt to transfer any cryptocurrency into your Savings Wallet other than a Supported Savings Wallet Cryptocurrency.
The Savings Wallet may not be available in jurisdictions which Luno determines that it would not be able to offer crypto based interest-bearing accounts for regulatory or policy reasons. Due to the dynamic nature of regulatory requirements and interpretations in the cryptocurrency market, we reserve the right to update the list of prohibited jurisdictions and/or reject applications to open Savings Wallets that we determine we will not accept, in our sole and absolute discretion.
Your Savings Wallet is not deemed to be opened, and we have no responsibility to you in connection therewith unless and until you have received confirmation from us that your Savings Wallet has been opened. We are not obliged to accept an application to open a Savings Wallet, and we reserve the right not to open a Savings Wallet for any applicant in our sole and absolute discretion.
Consent to lend and appointment of Luno as intermediary
By utilising the Savings Wallet, you acknowledge that Luno is able to generate a return on cryptocurrency deposited into your Savings Wallet by placing your cryptocurrency with third party service providers (hereinafter a "Lending Partner"), who will in turn facilitate the entering into of loans from time to time, utilising your funds. *You accordingly agree to appoint Luno as intermediary for this purpose, and expressly authorise Luno as agent, for and on your behalf, to place any cryptocurrency that is held in your Savings Wallet with its chosen Lending Partner(s). By doing so you acknowledge and understand that any cryptocurrency held in your Savings Wallet will be lent and advanced to third parties, at your own risk. You furthermore acknowledge that Luno may add or remove any such Lending Partner(s) from time to time, in its sole discretion, without providing notice to you thereof.
While Luno takes steps to vet its chosen Lending Partners, it is ultimately at your own risk and benefit that cryptocurrency is loaned. Accordingly please carefully read the ‘Risk Warning and Indemnity’ section of these Terms, and familiarise yourself with the Savings Wallet product.
For purposes of its Savings Wallet, Luno has chosen Genesis Asia Pacific Pte Ltd, backed by Genesis Global Capital LLC, (collectively "Genesis") as its preferred Lending Partner. Genesis operates an institutional lending platform, which employs a sophisticated risk mitigation framework in order to assess the creditworthiness of its clients. By utilising the Luno Savings Wallet, you expressly agree that any cryptocurrency deposited into your Savings Wallet may be placed with Genesis, for Genesis to lend to third parties, in order to generate a return. Should you wish to understand how Genesis operates, more detail can be found on Genesis at https://genesistrading.com/lending/.
Except where prohibited or limited by applicable law, you grant Luno the right, without further notice to you, to hold the cryptocurrency held in your Savings Wallet in Luno’s own name or in another name, and to lend, pledge, repledge, hypothecate, rehypothecate, or otherwise transfer or use any amount of such cryptocurrency, separately or together with other property, with all attendant rights of ownership, and for any period of time and without retaining in Luno’s possession and/or control a like amount of cryptocurrency, and to use or invest such cryptocurrency. You acknowledge that, with respect to assets used by Luno pursuant to this section: (1) you may not be able to exercise certain rights of ownership; and (2) Luno will earn a commission in connection with lending or otherwise using cryptocurrency in its business, to which you will have no entitlement.
Risk warning and indemnity
Your Savings Account is not a checking account nor a traditional bank savings account, and it is not covered by insurance against losses. We will lend, sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise dispose of cryptocurrency assets to counterparties, in order to invest and generate a return.
As explained in section  above, any cryptocurrency held in your Savings Wallet will be lent to third parties, through our chosen Lending Partner(s). While Luno takes steps, in conjunction with its Lender Partner(s), to protect your cryptocurrency, you acknowledge that since the Savings Wallet is a lending product, there is an inherent risk of counterparty default, and that this risk is for your own account. *By utilising the Savings Wallet you indemnify Luno, its operating entities or any other affiliates (including their respective directors, members, employees or agents), to the maximum extent permitted by law, against any loss, liability action, cost, claim, damages, proceedings or expense that you may suffer, directly or indirectly, in connection with the Savings Wallet, including (without limitation) the loss of cryptocurrency deposited into your Savings Account (whether in whole or in part), and you accordingly hereby waive any claim that you may have against Luno arising therefrom (including in respect of any claim for direct, indirect, consequential or pecuniary damages). You understand and agree that should a counterparty become insolvent, or otherwise fail to repay any amounts lent and advanced to it, then this may impact upon your investment.
Before using the Savings Wallet, you should ensure that you understand the risks associated with 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 cryptocurrency assets. This market volatility and other risks involved in buying, selling or trading cryptocurrencies are explained 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 should carefully assess whether your financial situation and risk tolerance is suitable for buying, selling or lending cryptocurrency. You accept and agree that Luno does not guarantee the return that you may earn on cryptocurrency held in your Savings Wallet.
Compliance and 'Know Your Customer'
Luno implements and maintains the highest standards of Know Your Customer ("KYC") processes and controls and is committed to combating fraud and assisting in the prevention of money laundering and terrorist financing. This is explained more fully on the Compliance page of the Luno website. In order to ensure that we meet these standards, we may require you to provide certain additional documentation and/or personal details when utilising the Savings Wallet ("Identity Verification").
You represent and warrant that any and all information provided to us is true, accurate and not misleading in any respect. If any such information changes, it is your obligation to update such information as soon as reasonably possible. Note that we may use credit reports or other information on you obtained from third parties to help us determine if we should open or maintain your Savings Wallet.
Luno reserves the right to, at any time:
restrict or suspend the use of your Savings Wallet when we, in our sole discretion, consider it necessary to carry out further Identity Verification and/or enhanced due diligence ("EDD"); or
terminate your Luno Account, and accordingly terminate your Savings Wallet, if you provide, or we suspect that you have provided, false or misleading information or refuse to provide information that we require for Identity Verification and/or EDD purposes.
You accept and agree that there may be delays in accessing your Savings Wallet, or in processing deposits or withdrawals through your Savings Wallet, 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 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 Savings Wallet and/or Luno Account.
Calculation and crediting of interest
The interest rate offered on the Savings Wallet is variable, and accordingly may fluctuate from time to time. The applicable interest rate will be communicated to you via the Luno Site, but will vary depending on prevailing market conditions, and the interest rates offered by our Lending Partner(s). We will determine the applicable interest rates, in our sole discretion, and you acknowledge that such rates may not be equivalent to benchmark interest rates observed in the market for fiat currency bank deposits.
Interest will be payable in arrears and will be capitalised (i.e. credited) to the principal amount held in your Savings Wallet on the first day of each calendar month. Interest will be calculated by applying a daily effective rate to the principal amount in your Savings Wallet on each day, which is calculated by dividing the applicable effective interest rate by three hundred sixty-five (365) days, regardless of whether the relevant year is a leap year.
All interest will be denominated in the relevant Supported Savings Wallet Cryptocurrency (subject to section  below). Once interest has been credited to your Savings Wallet, it will be compounded to the capital amount, whereafter you will earn interest on such (interest inclusive) amount.
Deposits and withdrawals
You can utilise your Savings Wallet by depositing Supported Savings Wallet Cryptocurrency into your Savings Wallet from your Luno Wallet. As at the date of these Terms, there is no minimum amount required to open a Savings Wallet. Luno may however, in its sole discretion, choose to institute a minimum balance in future which would thereafter be required to open and/or maintain a Savings Wallet.
Please note however that Luno does not guarantee a time period for the processing of withdrawals, and expressly disclaims any loss, liability or damage, whether direct or indirect, which you may suffer as a result of any delay in processing a withdrawal request.
Commission and fees
You acknowledge and agree that, as consideration for developing and making the Savings Wallet platform available to you, Luno will earn a commission on any cryptocurrency lent in connection with the Savings Wallet. This commission will be factored into the effective interest rate communicated to you, such that the effective interest rate offered to you will be net of any commission or fees.
The fees otherwise applicable to transactions undertaken on the Luno Site can be viewed on the Fees and Features page of the Luno website. Luno reserves the right to change our fees at any time and will update the Fees and Features page accordingly.
While we will do everything we can to provide continuous operations, Luno does not provide any warranty in relation to the availability of the Savings Wallet. Without limiting the generality of the foregoing, we do not guarantee continuous access to the Luno Site or to your Savings Wallet, and make no representation that the Luno Site, Luno API, your Luno Account and/or your Savings Wallet or services offered therein will be available without interruption; or that there will be no delays, failures, errors, omissions or loss of transmitted information.
Restriction, suspension and termination
Luno reserves the right to restrict, suspend or terminate your Savings Wallet where:
we reasonably suspect that your Luno Account and/or Savings Wallet is 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 that you or your Luno Account and/or your Savings Wallet 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 and/or Savings Wallets;
we reasonably suspect your involvement in any attempt to gain unauthorised access to any Luno Account and/or Savings Wallet;
your Luno Account and/or Savings Wallet 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;
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
your name appears on a government or international body sanctions list.
Luno will make all reasonable efforts to provide you with notice of any decision to restrict, suspend or terminate your Luno Account and/or Savings Wallet, 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.
Under no circumstances does any information contained on the Luno Site, or provided to you through your Luno Account, or in relation to your Savings Wallet by any employee, agent or affiliate of Luno, constitute financial, investment or other professional advice.
You are solely responsible for any decision to invest cryptocurrency into a Savings Wallet, and such a decision should take into account your risk tolerance and financial circumstances. You should consult your legal or tax professional in relation to your specific situation.
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.
Disclaimer of warranties
The Savings Wallet 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 Savings Wallet and any related products or services are offered without any warranty as to merchantability or fitness for any particular purpose.
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 Savings Wallet 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 unauthorised access to Luno’s records, programmes or services.
Without limiting the generality of the above, 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 Savings Wallet 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.
It is recorded that in certain circumstances, where the market for a particular Supported Savings Wallet Cryptocurrency becomes illiquid, as defined below, Luno may in its sole discretion choose to process any customer withdrawals from their Savings Wallet in the fiat currency equivalent of such customer’s Savings Wallet balance as at the repayment date, rather than in the relevant Supported Savings Wallet Cryptocurrency.
The market for a particular Supported Cryptocurrency will be considered illiquid for the purposes of this section
(i) the seven-day average daily trading volume across each of the three highest-volume cryptocurrency exchanges that report prices for the applicable Supported Savings Wallet Cryptocurrency (as measured by the 30-day average daily trading volume of the applicable Supported Savings Wallet Cryptocurrency) (these such exchanges, the “Liquidity Exchanges”) has decreased by 90% from the date of deposit into the relevant customer’s Savings Wallet; or
(ii) the Supported Savings Wallet Cryptocurrency ceases to be listed on the Liquidity Exchanges.
You and we agree to notify the other party in writing of any claim or dispute that arises in relation to the Savings Wallet, the Luno Site, your Luno Account or these Terms, within 30 days of such claim or dispute arising. You and we further agree to attempt informal resolution of any Dispute prior to bringing a claim in any court or other body.
Governing law and jurisdiction. This agreement shall be governed by and construed in accordance with Singapore law, subject to any local mandatory rights you may have. You and we agree to submit all disputes, claims or controversies (including non-contractual Disputes, claims or controversies) arising out of or in connection with these Terms, or the breach, termination, enforcement or interpretation thereof (together, Disputes), to the non-exclusive jurisdiction of the courts of Singapore.
Class or representative action waiver. To the maximum extent permissible by law, you and Luno each agree that each may bring any Dispute against the other only in your or its individual capacity, and you and it waive any right to commence or participate in any class action or other representative action or proceeding against the other. Further, where permissible by law, unless both you and Luno agree otherwise, no court may consolidate any other person’s claim(s) with your Dispute, and may not otherwise preside over any form of representative or class proceeding.
For the avoidance of doubt, if this Class or representative action waiver is found by any court of competent jurisdiction to be invalid, void or unenforceable, the remainder of this Disputes section shall remain valid and enforceable.
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 subsidiary or affiliate; (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.
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, pandemic or 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.