Why does Luno sometimes need info about the receiver when I send?

In recent months, we've noticed an increase in cryptocurrency scams and other suspicious activity.

Crypto transactions are designed to be irreversible, so it may not be possible to recover your funds after they're sent out of your Luno account. For this reason, we may sometimes ask you to provide info about the receiver in order for you to safely send crypto.

If we do, we’ll send you an email requesting the following info within 72 hours in order for the send to be processed. Please note that if the required info is not supplied, the send will automatically be cancelled.

Note

We understand that answering these questions might be an inconvenience, but we want to make sure that your crypto is safe, and learning more about your transactions will enable us to do exactly that.

The information Luno will need about the receiver:

  • The name of receiver

    This is the full name of the person you’re sending crypto to, as stated on their identity document or social security card.

  • The address you're sending to

    This is the receiver’s wallet address you’re sending the crypto to. 

  • The name of service or exchange

    This is the service or exchange that the receiver is using, such as Binance, Coinbase, Gemini, etc.

  • Your reason for sending

    This is the reason you’re sending crypto to the receiver: I am paying for a product or service that I purchased, the person asked me to send them crypto, the payment is for an investment with a broker, etc.

  • Your relationship to the receiver

    This is the type of relationship you have with the receiver, e.g. family member, old friend, spouse, a trader, an online connection I’ve never met, etc.

  • How you know the receiver

    This is about how you know them, e.g. the receiver and I attended university together, we are colleagues, they contacted me on social media, we’ve never met in person, etc.

Tip

Luno takes your account security very seriously. If at any time you’re unsure about any suspicious activity, report it to us immediately.


Frequently asked questions

It could take a maximum of two business days, but we'll do our best to get back to you sooner than that.
You'll get a notification and an email when your cryptocurrency has been sent successfully.
Your send will be cancelled and the funds will be returned to your crypto wallet. We'll notify you via a notification and an email if this happens.
Cancel the send and here.
Share this article

Did this article help?

Thank you!

We value your feedback