South African Exchange defines new limits for crypto payments-restrictions A deterrent for illegal actors-Exchanges Bitcoin News

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One of the largest cryptocurrency exchanges in South Africa, Luno, has confirmed that she has started to restrict lifting with customers. The stock exchange insists that the boundaries should "act as a deterrent for illegal actors that move large amounts of money within the crypto ecosystem".

transfers from Luno to Binance blocked

Despite this admission, Luno has so far refused to explain how the stock exchange defines the so -called "dynamic risk -based limits". According to a report, the limits - which are separated by the broadcast limits shown on the Luno website - were discovered by one of the stock exchange customers. The discovery became clear to the customer when his attempt to transfer crypto-assets from a luno account to a Binance wallet.

When he was asked for answers, Luno explained to the customer that the restrictions were imposed to "protect our customers and to comply with the best practices to combat financial crime and fraud".

In addition, the stock exchange informed the customer that "the limits are dynamic and are calculated on the basis of our overall rating of the customer risk. The limits can vary from customer to customer." However, Luno informed the affected customer that the stock exchange “does not openly disclosed, how” [the] Sendelimits are calculated individually. ”

luno customers cannot influence their risk assessment

In the meantime, the report quotes Marius Reitz, General Manager of Luno Africa, who explains why and how the more comprehensive concept of a risk -based approach is used to determine the limits for every customer. He said:

As part of the further concept of a risk -based approach, which is mentioned, for example, in the Financial Intelligence Center Act (FICA), customer risk profiles based on a variety of different data points are created and evaluated.

Reitz adds that customers cannot influence their risk assessment, but “can still optimize their risk position by keeping their account information up to date, activating security functions for their account and generally keeping their account secure”.

asked about speculation that the stock exchange started implementing these dynamic risk -based limits at the request of the financial supervisory authority (Finsurv), Reitz denied this. Instead, General Manager claims that Luno does this because the stock exchange "makes the greatest care in order to keep our measures for financial crime as confidential as possible to ensure that they remain effective".

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