A large number of our customers do not send cryptocurrency on a daily basis, and prefer to store cryptocurrency in their Luno wallet. In light of this approach, we’re excited to share with you this security feature, that gives you the ability to disable the sending of cryptocurrency out of your Luno wallet.
If you have recently signed up with Luno, you will initially have cryptocurrency sending disabled on your wallet until it is enabled in the Security Centre. We take customer security very seriously and are excited about this additional level of protection we can offer our customers.
Why is this useful?
You have complete control over the cryptocurrency that gets sent out of your Luno wallet, reducing the risk of losing money if your account ever gets compromised. If you have sending disabled, you will also have the ability to enable it should you want to send cryptocurrency.
As with transaction authorisation, you are required to authorise enabling the option to send cryptocurrency from your device via push notification, SMS or phone call followed by a 24-hour waiting period before sending is enabled in your account.
How do I disable sending cryptocurrency from my wallet?
Step 1 Visit Security Centre from the Menu
Step 2 Select “Send cryptocurrency”
Step 3 Select the Disable button
Step 4 You will be prompted to confirm this step
Step 5 Success! You’ve secured your cryptocurrency and will be presented with a confirmation that you have disabled sending cryptocurrency
How do I enable sending cryptocurrency from my wallet?
Step 1 Visit Security Centre from the Menu
Step 2 Select Send cryptocurrency
Step 3 Select the Enable button
Step 4 You will be prompted to enter your 4-digit number if using mobile and two-factor authentication code (if enabled) using web to proceed
Step 5 Once confirmed, we will send you a push notification or SMS with a link that will take you to an authorisation screen where you can authorise or deny the change
Step 6 Success! You will now be presented with a screen to confirm that you have enabled sending cryptocurrency
Frequently asked questions
Why is cryptocurrency sending disabled on my account?
As part of our ongoing effort to protect our customers from phishing and other security-related threats, customers new to Luno will have sending cryptocurrency disabled on their wallet by default. We have also set this default for customers who have never sent cryptocurrency, and those who have not done so in the last 12 months. However, should you wish to enable sending, this can easily be done in the Security Centre, followed by a 24-hour waiting period before sending is enabled on your account.
I’m holding my cryptocurrency as an investment, does this affect my wallet?
No, the cryptocurrency in your wallet will continue to be safe, but we do recommend that you visit the Security Centre to disable sending cryptocurrency once we have fully launched.
I’ve recently sent cryptocurrency out of my wallet, will sending be disabled now?
No, cryptocurrency send transactions will continue to remain enabled on your account. We advise that you do disable the option to send cryptocurrency after sending money out of your wallet.
Will there always be a 24 hour waiting period?
No, if your account balance is zero then there is no threat to your cryptocurrency and therefore no waiting period will apply to enable the option to send cryptocurrency once we have fully launched.
I've disabled cryptocurrency sending, does this affect my API key?
If you choose to disable sending, you will not be able to send cryptocurrency using an API key. You will need to re-enable sending with a 24-hour delay before being able to use it.
Does disabling the option to send cryptocurrency out of my wallet affect the buy & sell feature?
No, you will still be able to deposit, buy and sell cryptocurrency using Luno on mobile, web and API.
I've got cryptocurrency sending disabled and want to send on an older version of the Luno app. Can I do this?
If you have sending enabled, you will be able to send on older versions of the Luno app as per normal. If you have sending disabled, when you try to send on older versions of the app, you will get an error message stating “Sending is disabled. Update your app or sign in on web to continue.” You can then enable sending in the Security Centre, wait 24 hours and then proceed to send.