Does this apply to me?
Only if your Luno account is verified in Singapore.
In Singapore, we handle cryptocurrency sends and receives in line with the Travel Rule recommendations set by the Financial Action Task Force (FATF) and the Monetary Authority of Singapore (MAS).
The Travel Rule is an Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) control. It requires Virtual Asset Service Providers (VASPs) to identify the sender or recipient of a customer’s transaction, so that VASPs know where their customers are sending to and receiving from.
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.
Our aim is to lower the risk of cryptocurrency being used for money laundering or terrorist financing. While we recognise that many customers use private wallets for legitimate reasons, private wallets do present a higher risk of anonymity, because they can be created without providing identity information or agreement with any Terms of Use.
For this reason, we place certain restrictions on crypto sends to private wallets.
Note
A private wallet is a wallet address you create and control yourself. You own the private key for it.
This is different from a custodial wallet, which is a wallet address provided to you by a crypto platform (like Luno), where private keys are managed by the platform.
What types of wallets can I send to or receive from?
Sending crypto
You can |
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You can't |
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Receiving crypto
You can |
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You can't |
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