Does this apply to me?
Only if your Luno account is verified in Indonesia, Malaysia, or Singapore.
The reason we ask you these questions when you’re sending crypto is due to Luno’s compliance obligations with the Travel Rule.
What is the Travel Rule?
Over the last few years, there’s been a dramatic rise in investment in cryptocurrencies, and as a result, regulators are now setting their sights on the rapidly developing crypto corner of the financial services industry.
The Financial Action Task Force (FATF) - an independent inter-governmental body that develops and promotes policies on Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) - has recently extended the Travel Rule to the crypto industry.
Tip
If you’d like to find out more about the Travel Rule, we’ve created a blog post that explains it in more detail.
I don’t have all day, can you give me the details?
The Travel Rule requires that we ask you for details about the person or company/legal entity you’re intending to send crypto to. Once we have this information, Luno will securely reach out to that person or entity’s Virtual Asset Service Provider (VASP).
When you send crypto, we’ll share payment instructions with the other VASP. These instructions will include the details you’ve given us about the recipient, as well as certain information about you (such as your name, your address and your identity number). The sharing of this information is covered under Luno’s Privacy Policy.
VASP? Gosh, what on earth is that?
A VASP refers to a business that facilitates any of the following on behalf of its customers:
An exchange between fiat currency and crypto
An exchange between different types of crypto
The sending or receiving of crypto
The storing of crypto
And the provision of financial services related to the issuing and/or sale of a crypto
Luno is considered a VASP.
Okay, so what should I do when I send crypto?
When sending crypto, we’ll ask you to confirm if:
The address you’re sending to belongs to you
Or if it belongs to someone else
Note
If the address belongs to someone else, we’ll ask you to give us a few details about the recipient:
When you’re sending to a person, this includes their full name and nationality
When you’re sending to a company/legal entity, this includes their full registered name
In some cases, we may also ask you to provide a date of birth, country of residence or country of incorporation (where relevant)
When completing this information, please make sure that you’re getting accurate information directly from the recipient.
You’ll also need to give us:
The name of the VASP, where the address is held with another exchange or crypto platform
Or the name of the wallet provider, where the address is a private wallet address
Note
Not sure what the difference is? Where the address is held by another exchange or crypto platform, it means that the address is held in your name (or the recipient’s name) by another platform such as another exchange, who will hold the private key on your behalf.
On the flip side, a private address is a wallet that you’ve created yourself and where you hold the private key. Examples of these are hardware wallets (such as Trezor) or web wallets (such as Metamask). If you’re not sure, we’d suggest asking the person you’re sending to.
Approved VASPs you can send to
In order to comply with the Travel Rule, Luno will only facilitate sends to VASPs which has been approved by us. You’ll find an alphabetical list of VASPs you can send to below. Our compliance team reviews this list from time to time.
Note
To avoid any delays with your send transaction, be sure to enter the name of the VASP exactly as it’s listed below.
APPROVED VASPs (separated by commas)
Aarna Capital Limited, ABCC exchange, Alphabit Consulting PTE limited, Amber Group, Apifiny Asset Network Inc, Archax, ATON, Auxilium BV
B2C2, Bankhaus von der Heydt, Binance, Bitbuy, Bitcoin Suisse, Bitfinex, Bitget, Bithumb, Bitkub, Bitmama, BitMart, BITPESA, BitPreco, Bitso, Bitstamp, Bittrex, Bitwave, Bitxmi, Bityard, Blockchain.com, Blockfi, BlocPal, BTC Markets, Busha, Buttonwood, Bybit
Daenerys & Co., Deodi, DEX, Diginex, Digital Assets Exchange, Digital Treasures Center, DigitalMint
Emerald Point, Eqonex, eToro
Fabriik Markets, Finblox, Fintonia, Finxflo, Freeda
Ganten Trustees Ltd., Genesis, Gravitas International Associates Pte Ltd
Hex Trust Limited, hi Technologies Limited, HitBTC, Hodlnaut, Huobi
Independent Reserve, Indodax, Intellect Market Pte. Ltd
K & L Capital Limited, KOSCOM
LCX, Liquid, LMAX Digital, LocalBitcoins, Luno
Matrix, Matrixport, MidChains, Mirha Traders, Moon Pay, MX Exchange, MXGlobal Sdn Bhd, MYPATRICIA
Newealth, northstake
OctaFX, OKCoin, OKX, Onchain Custodian, OSL
Paxful, Payable, PDAX, Phemex, Poloniex, Presto Labs, Primeblock Ventures
QCP Capital, Quidax
Remitano, RioStox
Safello, SilverAG Pte Ltd, SINEGY, Sparrow Exchange, Stablehouse, Stakely, Swag OÜ, Symbridge LLC
Tether, Tokenize Technology, Tokenize Xchange, Tokyohash, Trillion Digital Assets, Trustody GmbH
Upbit
Valr, VNX Commodities AG
WhiteBIT, Wirex
XBTO International Ltd, xfers
Yorlet
Zebpay, Zipmex
Final thoughts
Luno is committed to maintaining the highest standards of AML and CFT compliance, so where Travel Rule compliance is required by law in any of our supported countries, we need to get the information from you, so that we can continue giving you the full Luno experience.
Regulatory things can sometimes feel a little overwhelming, but ultimately, they help create a safe place for you to store, buy, send and sell cryptocurrencies.