Late last year, First National Bank (FNB) announced its decision to withdraw services from cryptocurrency platforms in South Africa, including Luno, effective 31 March 2020.
We have a Standard Bank account in place to support deposits and withdrawals, so operations will be unaffected by the change.
If you have FNB saved as a payment beneficiary on your Luno account, you’ll need to update it before making any future deposits. If you’re unable to do this in time, your deposits will take longer to reflect in your wallet.
Our FNB account was still operational and available for deposits and withdrawals up until 31 March 2020.
Follow this link to update your FNB payment beneficiary.
I used to have instant deposits and withdrawals when depositing or withdrawing from my FNB account, how can I maintain this?
If you were previously depositing from your personal FNB account into our FNB account, you would have had near-instant withdrawals.
In order to maintain the speed of your withdrawals, you should deposit from your personal Standard Bank account into our Standard bank account.
Following our automated withdrawal improvements, Standard Bank account holders will receive their rands within minutes. Customers using other South African banks are able to request withdrawals for immediate processing, which will be subject to the standard processing time required for all inter-bank transactions. Instant payments will soon be added to the Luno platform for non-Standard Bank customers at a low additional fee.
How does this decision affect me as a Luno customer?
Whether you are an FNB client or not, we don’t anticipate this decision having any impact on our current or future customers.
Can I still deposit and withdraw into my Luno Wallet from my FNB bank account after this change takes effect?
Yes, you will still be able to deposit or withdraw using your FNB account but you will need to deposit into Luno's Standard Bank account.
Can I still buy crypto with Luno?
Yes, you can. This announcement has no impact on your ability to use the instant buy/sell and exchange as you normally would.