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Using the Luno P2P Peer-to-Peer service

This is a short FAQ on Luno’s new Peer-to-Peer service (the P2P Service). The legal terms governing your use of the P2P Service will be sent to you via email from [email protected].

What is Luno’s P2P Service?

Our P2P Service is a peer-to-peer trading service that allows you to sell or buy cryptocurrencies directly to or from another Luno customer in Malaysia. Luno acts as the trusted third party and facilitates the trade by holding the cryptocurrency being sold in escrow until such time as the purchase price has been paid by the buyer to the seller.

A detailed description of how the service operates is contained in the P2P Terms of Service, which will be shared with invited participants prior to them having access to, and using, the P2P Service. The P2P Terms of Service govern all activity on the P2P Service and participants must ensure that they read and understand these terms.

Why are we launching Luno P2P?

While we are working with our banks to reactivate our bank account deposit service, we are launching Luno’s P2P Service to provide our customers with a safe way to buy and sell cryptocurrencies in the interim.

Note: Reactivating our deposit service remains our top priority.

What are the safety benefits of using the P2P Service?

Luno’s P2P Service is safer than trading directly with a counterparty because Luno acts as an escrow agent for a trade on the P2P Service. Once a seller and a buyer agree a trade, the seller will transfer the cryptocurrency (BTC or ETH) to Luno to hold in escrow. Luno will only release the cryptocurrency to the buyer once the seller has received payment of the applicable purchase price.

Should a dispute arise between the parties, Luno will act as a trusted third party to mediate and resolve the dispute based on evidence obtained from the parties, in accordance with the P2P Terms of Service.

How can I use this service?

This service is available to selected Luno customers by invitation only. Should you wish to enquire about the service, please use our support channel by emailing [email protected] A Luno representative will then be in touch with you.

What cryptocurrencies are supported on the P2P Service?

Luno presently only supports Bitcoin (BTC) and Ethereum (ETH). This also applies to the P2P Service.

What are the charges?

We charge 1% of the total value of the trade as an escrow fee, payable in BTC. The fee is payable by the buyer and is deducted from the cryptocurrency being sold prior to being transferred to the buyer.

There may be additional processing fees levied where the buyer or seller do not comply with the requirements of the P2P Terms of Service. Please consult the P2P Terms of Service for more information on these processing fees.

How do I sell my cryptocurrencies using the P2P Service?

Should you wish to sell cryptocurrency using the P2P Service, you can submit your sell order directly to Luno. In accordance with the P2P Terms of Service, Luno will publish your sell order to all participants in the P2P Service. Luno will notify you if there is a buyer willing to match your sell order. You will then need to deposit your cryptocurrencies into Luno’s escrow wallet to initiate the sale.

Once Luno has received transfer of the cryptocurrency, we will instruct the buyer to make payment of the purchase price to you. Once you have received the payment, Luno will release the cryptocurrencies held in escrow to the buyer in completion of the trade.

Detailed information on the process involved in, and requirements for, a trade on Luno’s P2P Service is contained in the P2P Terms of Service.

How do I buy cryptocurrencies using the P2P Service?

Should you wish to buy cryptocurrency using the P2P Service, you can submit your buy order directly to Luno. In accordance with the P2P Terms of Service, Luno will publish your sell order to all participants in the P2P Service. Luno will notify you if there is a seller willing to match your buy order. Luno will then instruct the seller to transfer their cryptocurrencies to Luno to be held in escrow.

Once Luno has received transfer of the cryptocurrency, we will provide to you the seller’s bank account details and instruct you to make payment of the purchase price in MYR to the seller. You will need to provide proof of payment to us.

Once the seller has received the payment, Luno will release the cryptocurrency held in the escrow to you in completion of the trade.

Detailed information on the process involved in, and requirements for, a trade on Luno’s P2P Service is contained in the P2P Terms of Service.

When may an order be cancelled?

Whether you are a buyer or a seller, you may cancel your order at any time before the cryptocurrency has been transferred to Luno to be held in escrow. Once the cryptocurrency has been received by Luno, neither the buyer or the seller may cancel the order.

What is the minimum trade amount for Luno P2P?

The P2P Service presently has a minimum trade value of either BTC 1 or ETH 30 or MYR 25,000 – whichever is lower. We may adjust the minimum trade value from time to time, in accordance with the P2P Terms of Service.

What are the trading hours?

This service is only available from Monday to Friday, between 9AM and 4PM (GMT+8). The service will not be available during weekends and public holidays.


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