On 8 October 2023, requirements were received from the UK’s financial regulator, the Financial Conduct Authority (FCA), regarding crypto promotions.
Note
Luno is not regulated in the UK and crypto assets are high-risk investments that are largely unregulated.
What are these requirements?
The FCA has introduced requirements which ensure that crypto investors are aware of the risks and have the appropriate knowledge and experience to invest in crypto (officially referred to as cryptoassets under the requirements). The FCA’s requirements follow government legislation to bring crypto promotions into the regulator's remit.
Among other things, the requirements include the need for clear risk warnings, a ban on promotional incentives to sign up or buy, and an obligation to ensure that all our UK customers are in an appropriate position to invest in high-risk assets.
How does this impact Luno?
The following changes have been implemented to ensure that Luno meets the FCA requirements. Please note that these measures apply to Luno in the UK only.
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Luno no longer has 'Refer a friend' or other promo rewards in the UK. We also no longer have the Repeat Buy feature, an option to buy crypto automatically at regular intervals.
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You will see a risk warning banner at the top of the Luno app or webpage. This is required to be static and visible at all times, so it can't be dismissed.
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Before you can invest in crypto, you’ll be asked to complete (and pass) an assessment. The link to the assessment will also be sent to you via email.
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Once you have passed the assessment, there is a waiting period of at least 24 hours before you can start transacting with Luno.
Note
This list isn't exhaustive, so please check your email for any additional requirements or updates that apply to you.
We know these requirements may cause some friction, but we hope you'll understand that they're an important step in the crypto industry. We're here to help customers invest in crypto responsibly, and these requirements support that mission.