Terms of use
Get to know the rules for using Luno
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1. ACCEPTANCE OF TERMS
Thank you for choosing Luno. The following Terms and Conditions together with the Privacy Policy (collectively referred to as the "Terms") apply to every person who registers and/or opens a Luno Account through Luno.com or the associated mobile application, website, or API (collectively referred to as the "Luno Site").
These Terms constitute a legally binding agreement between you and PT Luno Indonesia Ltd, which is a company incorporated under the laws of Indonesia. For the purposes of these Terms, any reference to "we", "our", "Luno" and/or similar terms shall be construed as a reference to PT Luno Indonesia Ltd.
By registering and opening a Luno Account, you accept these Terms unconditionally and agree to be bound by and to act in accordance with them. You also accept and agree that you are fully responsible for understanding and complying with all laws, rules, regulations, and requirements of the jurisdiction in which you reside that may apply to your use of the Luno Site and/or your Luno Account, including but not limited to matters relating to export or import activities, taxation, or foreign currency transactions. Depending on your country of residence, you may not be able to use all functions on the Luno Site.
Please read these Terms carefully before using the Luno Site as they may affect your legal rights and obligations.
2. CHANGES TO THE TERMS
Luno may amend these Terms from time to time. You should visit the Luno website periodically to check when the Terms were last updated (as displayed at the top of this document) and to review the current Terms. We will do our best to notify you of any changes to the Terms that we consider may materially affect your rights and obligations. Notice of this will be posted on the Luno Site, or sent by email to the address associated with your Luno Account (see Electronic Communications).
Your continued use of your Luno Account, following any change to these Terms, constitutes your acceptance of the Terms, as modified by such amendments. If you do not accept the Terms, or any change to them, you must immediately stop using the Luno Site and your Luno Account.
3. ELIGIBILITY
By opening a Luno Account, you expressly warrant and represent that:
You are 18 years of age or older and have full capacity to accept the Terms and to carry out any transaction available through the Luno Site;
You will not open, or attempt to open, a Luno Account in any name other than your own name; or use your Luno Account to transact on behalf of a third party;
You will follow the Luno Business account application process if you wish to open and use a Luno Account for a non-individual legal entity (for example a company, trust, or partnership);
You will not have more than one Luno Account; use or access a Luno Account other than your own; or assist any other person in obtaining unauthorised access to any Luno Account;
You will provide security for transactions carried out through your Luno Account by ensuring that sufficient Local Currency or crypto assets (as the case may be) are available in your Luno Account before any transaction;
You will not permit or facilitate the deposit of Local Currency into your Luno Account unless that deposit is made in accordance with the Deposit Requirements (see Deposits);
You will not permit or facilitate the withdrawal of Local Currency from your Luno Wallet to a bank account in the name of a third party (see Withdrawals);
You will not use your Luno Account for or in connection with any illegal activity, any Prohibited Activity, that violates any law, statute, ordinance, or regulation, or that breaches Luno's Export Controls and Sanctions requirements.
Any capitalised term used in this Eligibility section has the meaning given to that term in these Terms. References in these Terms to "Local Currency" mean fiat money or government-issued currency, which in Indonesia is the Rupiah (IDR).
By opening a Luno Account you accept and agree that Luno may, without further notice and at its sole discretion, terminate, suspend, or restrict any customer account that uses, or that we suspect may be using, the Luno Site or any Luno Account in a manner that is inconsistent with the content or spirit of these Terms.
4. RISKS
Before using the Luno Site, you must ensure that you understand the risks involved in buying, selling, or trading crypto assets. The crypto asset market can be volatile and prices can fluctuate significantly, which can result in a sudden and significant increase or decrease in the value of your crypto assets. This market volatility and other risks involved in buying, selling, or trading crypto assets are described on the risk warning page of the Luno website. There may be additional risks not identified in these Terms or in the risk warning.
You must carefully assess whether your financial situation and risk tolerance are suitable for buying, selling, or trading crypto assets. You accept and agree that you are fully responsible for any decision to buy, sell, trade, or hold or deal with crypto assets, and that Luno does not, and will not, offer you any financial advice in connection with your use of, or transactions you carry out on, the Luno platform.
5. ELECTRONIC COMMUNICATIONS
You accept and agree that:
Any communication, agreement, notice and/or other document (collectively referred to as "Communications") relating to your Luno Account or your use of Luno's services will be provided to you electronically by posting it on the Luno Site, sending it by email to the email address you provided to us, or through another form of electronic communication. You agree to receive all Communications electronically;
You will at all times provide the hardware and software necessary for you to receive, access, and store Communications sent to you electronically, including a device with an internet connection and a valid and accessible email address;
You are fully responsible for providing Luno with a valid and accessible email address to which any Communications may be sent, and for ensuring that your email address and other contact information are kept up to date. Any Communication sent to the email address you provided to us will be deemed to have been received by you. You may change your contact information by logging in to your Luno Account and accessing the Settings page.
You may at any time be able to withdraw your consent to receive Communications electronically by contacting [email protected]. You acknowledge that failing to provide, or withdrawing, consent to receive Communications electronically compromises the security of your Luno Account (see Account Security) and that Luno reserves the right to close your Luno Account if you fail to provide, or withdraw, your consent to receive Communications electronically.
6. IDENTITY VERIFICATION
Luno implements and maintains Know Your Customer ("KYC") processes and controls to the highest standards and is committed to combating fraud and assisting in the prevention of money laundering and terrorist financing.
To ensure we meet these standards, our customers are required to provide certain personal details and documents when opening a Luno Account ("Identity Verification"). The nature and level of Identity Verification required will depend on which supported country you reside in, and the deposit and withdrawal limits you wish to apply to your Luno Account. In certain circumstances, Luno may also carry out enhanced due diligence ("EDD") procedures in respect of your Luno Account. You accept and agree that you will remain subject to such procedures at all times.
Luno reserves the right, at any time, to:
Restrict or suspend your Luno Account when we, at our sole discretion, consider it necessary to carry out further Identity Verification and/or EDD; or
Terminate your Luno Account if you provide, or we suspect you have provided, false information or refuse to provide information that we require for Identity Verification and/or EDD.
You accept and agree that there may be delays in accessing your Luno Account, or in carrying out transactions through your Luno Account, while we conduct Identity Verification and/or EDD procedures.
Retention of information. Luno is required to retain certain information and documentation obtained as part of Identity Verification and EDD procedures. This requirement applies even where you have terminated your relationship with Luno. We reserve the right to retain such information and documentation for as long as necessary and you accept and agree that the information and documentation you provide to Luno may be retained by us, including after the closure of your Luno Account.
7. LUNO WALLET
The Luno Wallet allows you to send, receive, and store crypto assets (collectively, "Luno Wallet Transactions").
Supported Crypto Assets. The Luno Wallet is only available in relation to crypto assets that Luno, at its sole discretion, decides to support ("Supported Crypto Assets"). Information regarding Supported Crypto Assets can be found on the Supported Crypto Assets page of the Luno website. Supported Crypto Assets may change from time to time. Under no circumstances are you permitted to attempt to carry out a Luno Wallet Transaction in relation to crypto assets other than Supported Crypto Assets. In particular, but without limiting the generality of the foregoing, you accept and agree that you will have no access, right, or claim:
To any crypto asset sent to a receiving address associated with your Luno Wallet where that crypto asset is not a Supported Crypto Asset; or
To any crypto asset sent to a receiving address associated with your Luno Wallet, where that receiving address is associated with another crypto asset. For example, you will have no access, right, or claim to any Bitcoin Cash (BCH) sent to a Bitcoin (BTC) receiving address.
Ownership of Crypto Assets in the Luno Wallet. Legal ownership of crypto assets held in the Luno Wallet rests with you, the user, and will not be transferred to Luno. As the owner, you bear the risks and enjoy the benefits associated with the ownership of those crypto assets. If Luno, in the very unlikely event, becomes insolvent, then neither Luno nor any third party has any claim over the crypto assets held on behalf of customers.
Omnibus Wallet. Luno may use shared blockchain addresses, controlled by Luno, to hold Supported Crypto Assets, or part thereof, on your behalf, the user. Although we provide separate accounts and records for each Luno Account, Luno has no obligation to create separate blockchain addresses for Supported Crypto Assets held on behalf of customers, unless required by applicable laws and regulations.
Control over Supported Crypto Assets. In accordance with applicable laws and regulations (including, without limitation, Anti-Money Laundering laws), you acknowledge and agree that you, as the customer, exercise control over all Supported Crypto Assets held in the Luno Wallet because you can at any time (subject to outages, downtime, and other applicable policies) withdraw the Supported Crypto Assets by instructing Luno to send the Supported Crypto Assets to another blockchain address, as described more fully in section 16 below, or elect to transact with them.
Additional Protocols Excluded. Unless specifically announced on the Luno Site or in another official Luno public statement, Supported Crypto Assets exclude all other protocols and/or functions that supplement or interact with Supported Crypto Assets. This exclusion covers (without limitation): metacoins, coloured coins, side chains, or other derivatives, enhancements, or forks of a protocol, tokens, or coins or other functions, such as staking, protocol governance, and/or any smart contract functions, that may supplement or interact with Supported Crypto Assets. You acknowledge that you must not use your Luno Account to attempt to receive, request, send, store, or engage in any other type of transaction or function involving such protocols, as Luno is not configured to detect, secure, or process such transactions or functions. Any attempted transaction in such items will result in the loss of the relevant item. You acknowledge and agree that additional protocols are excluded from Supported Crypto Assets and that Luno is not liable for any loss related to additional protocols.
Local Currency in your Luno Wallet. Local Currency deposited into your Luno Wallet (see Deposits) is only for (1) the purchase of Supported Crypto Assets and/or (2) Withdrawal to an approved bank account (see Withdrawals). In certain countries, we also allow you to purchase certain goods and/or services from certain third parties using your Local Currency balance. You accept and agree that any such purchase will be subject to these Terms.
The proceeds from the sale of Supported Crypto Assets will be credited to your Local Currency Luno Wallet, less applicable fees (as described in Fees, and on the Fees page of the Luno website). Luno does not pay interest on Local Currency balances or Supported Crypto Assets held in your Luno Wallet.
Transaction instructions. Luno will process Luno Wallet Transactions in accordance with your instructions. You accept and agree that Luno does not:
Guarantee the identity of any user, recipient, or other party to a Luno Wallet Transaction. You are fully responsible for ensuring all transaction details are correct, and you must carefully verify all transaction information before submitting transaction instructions to Luno;
Have control over, or any obligation in respect of, the delivery, quality, or any other aspect of any goods or services that you may buy from or sell to any third party. Luno will not be responsible for, and will not take any action in respect of, ensuring that any buyer or seller who transacts with you using your Luno Wallet completes the relevant transaction or has the necessary authority to do so.
Receiving crypto assets. You may receive Supported Crypto Assets into your Luno Wallet by providing the sender with a receiving address generated in your Luno Wallet. Your Luno Wallet will only be credited with Supported Crypto Assets sent to a receiving address generated through your Luno Wallet and associated with those Supported Crypto Assets. For example, your Luno Wallet will be credited with ETH when it is sent to an ETH receiving address generated through your Luno Wallet.
Funds received in error. If you know, suspect, or ought to know or suspect, that any Local Currency or crypto asset has been credited to your Luno Wallet (or to any bank account) in error, you must immediately notify Luno of that error by submitting a ticket through the Help Centre. You accept and agree that you have no claim or right to Local Currency or crypto assets received in error, and must immediately return those funds in accordance with the instructions received from Luno.
8. DEPOSITS
If your identity has been verified (in accordance with the Identity Verification requirements), you may deposit Local Currency into your Luno Wallet by depositing funds into a Luno bank account ("Deposits"). The Luno bank account into which you make a Deposit will be a separate account used exclusively for the purpose of holding and processing customer funds. Subject to these Terms, you are entitled to any funds you deposit into a Luno bank account until your funds are used or withdrawn.
The details of the Luno bank account into which you must make a Deposit will be provided to you by Luno, and each such bank account will be held and operated by Luno's operating entity in your country or region. You accept and agree that any information you provide to Luno may be shared with that local entity, in order to facilitate your deposits into and withdrawals from (see section 9 below) your Luno Account.
The payment method you use to Deposit Local Currency will depend on the country you are located in, and is set out on the Fees page of the Luno website (for the purposes of these Terms, "Supported Deposit Methods"). If you have made a Deposit using a Supported Deposit Method, and have complied with the Deposit Requirements (described below), your Deposit will be allocated to your Luno Wallet.
Due to legal and operational constraints, you must strictly comply with the following Deposit requirements ("Deposit Requirements"):
You may only make Deposits from a Supported Deposit Method held in your own name. You are not permitted to allow any third party to make Deposits into your Luno Wallet;
You may only Deposit Local Currency using a Supported Deposit Method that is compatible with the deposit methods available in your country or region;
Except in the case of SEPA transfers, you may only make Deposits in the Local Currency associated with your Luno Wallet. For example, if you have an Rp wallet, you may only make Deposits in Rupiah;
Where you make a Deposit using a credit or debit card, you authorise Luno to facilitate the debiting of funds from your bank account to complete the Deposit;
You are not permitted to use cash or cheques to make Deposits. Luno reserves the right to reject Deposits made with cash or cheques. If Luno decides, at its sole discretion, to allow a Deposit by cash or cheque on an exceptional basis, the allocation of that Deposit will be delayed to allow fraud and compliance checks to take place, and a Cash Deposit Penalty (see the Fees page of the Luno website) may be deducted from it. Any Luno Account that receives more than one cash or cheque deposit may, at Luno's sole discretion, be suspended indefinitely.
You agree to comply with the Deposit Requirements and agree and accept that failure to do so may cause delays or failures in Deposits being reflected in your Luno Wallet, and/or the restriction, suspension, or termination of your Luno Account.
Deposit allocation. When you request to make a Deposit through your Luno Wallet, you will be provided with a Reference Number or Unique Deposit Amount. To allow the timely and successful allocation of a Deposit to your Luno Wallet, you must use the Reference Number or Unique Deposit Amount when you make the deposit using a Supported Deposit Method. Luno will not be liable for the delay in, or failure of, the allocation of a Deposit to your Luno Wallet where you fail to specify the required Reference Number or Unique Deposit Amount.
Deposits may take time to reach your Luno Wallet due to bank processing times, operational processes, and/or your failure to comply with the Deposit Requirements. Under no circumstances does Luno have any obligation to you in respect of the delay or failure of a Deposit being shown in your Luno Wallet.
Luno will make all reasonable efforts to allocate Deposits that do not meet the Deposit Requirements. However, any Deposit that is less than the Minimum Unallocatable Deposit Amount that cannot be allocated within a period of one month will be retained by Luno and you accept and agree that you will have no further claim or right to those funds. The Minimum Unallocated Deposit Amount is otherwise determined by Luno to be USD10.00 or the equivalent in your Local Currency.
9. WITHDRAWALS
If you have added your bank account details to your Luno Account, you may withdraw funds from your Luno Wallet to your bank account ("Withdrawals").
Luno will process Withdrawals in accordance with your instructions. You are fully responsible for ensuring that any Withdrawal instruction given to Luno, including the relevant bank account number, is complete and correct and you accept and agree that under no circumstances is Luno obliged to reverse or amend any Withdrawal.
Luno will make all reasonable efforts to process Withdrawals on every business day, in accordance with the Deposit and Withdrawal Schedule on the Luno website, but you accept and agree that Luno gives no guarantee in respect of Withdrawal processing periods.
Withdrawals to any third-party bank account are expressly prohibited. You agree not to make, or attempt to make, any Withdrawal of funds from your Luno Wallet to a third-party bank account and accept that such Withdrawals may be rejected and/or result in the restriction, suspension, or termination of your Luno Account.
10. INSTANT BUY OR SELL
Luno Wallet holders may use the Instant Buy or Sell service to buy or sell a selected amount of Supported Crypto Assets at the offered exchange rate.
In using the Instant Buy or Sell service, you accept and agree that:
When you place an Instant Buy or Sell order, Luno will match your order with open orders on the Luno Exchange or another crypto asset exchange available to us. Luno will facilitate the trade, in accordance with your instructions;
Luno does not act as a broker, intermediary, agent, adviser, or in any fiduciary capacity in respect of Instant Buy or Sell transactions, and no information or communication provided to you by Luno in connection with an Instant Buy or Sell transaction constitutes advice;
When you place an order to buy or sell Supported Crypto Assets, we will provide you with the offered exchange rate. Luno cannot, and will not, specify the percentage of the offered exchange rate that reflects Luno's facilitation of the relevant trade, as this will vary with market conditions. The offered exchange rate may differ from the rate visible elsewhere on the Luno site, or from external sources, and you acknowledge that the offered exchange rate is the rate that will apply to your order;
By proceeding with your Instant Buy or Sell transaction, you confirm that you accept the offered exchange rate, including its components;
Per-transaction volume limits will apply to every Instant Buy or Sell order (see the Fees page of the Luno website); and
Luno does not guarantee the availability of, or that there will be no delays or interruptions in or to, the Instant Buy or Sell service.
Before confirming an Instant Buy or Sell transaction, you must ensure that the amount of Supported Crypto Assets to be bought or sold is correct and that you agree to the offered exchange rate. Luno cannot reverse executed orders.
Luno reserves the right to delay or reject any Instant Buy or Sell transaction if, at our sole discretion, we consider there is a risk of fraud or illegal activity, or if we have reasonable grounds to suspect that an error has occurred. Luno is not liable to you in respect of the delay or non-completion of an Instant Buy or Sell transaction.
11. LUNO OTC DESK
The Luno OTC Desk allows you to transact directly with Luno and execute large-sized single transactions through the Luno OTC Desk. Luno provides access to the Luno OTC Desk to Account Holders who meet certain predetermined criteria (at Luno's absolute discretion), which includes facilitating the trading of Local Currency and Supported Crypto Asset trading pairs, as well as other services.
By using the Luno OTC Desk, you accept the OTC Desk Terms unconditionally and agree to be bound by and act in accordance with them.
Summary:
Our OTC Desk is available to eligible customers and offers services for larger-sized orders routed through the Luno OTC Desk. If you use the Luno OTC Desk, you automatically accept the OTC Desk Terms and agree that your use of the Luno OTC Desk will comply with those Terms at all times.
12. LUNO EXCHANGE
The Luno Exchange is an order book exchange platform for crypto assets intended for use by customers with experience and/or knowledge of similar platforms. Any person who uses the Luno Exchange does so entirely at their own risk.
The Luno Exchange is not offered to customers in all jurisdictions. This section of these Terms applies to you if you access and/or use the Luno Exchange. In accessing and/or using the Luno Exchange for any purpose, you agree and accept that:
All trades executed on the Luno Exchange are executed automatically, based on the parameters of your order instructions, and cannot be cancelled. In the event of technical issues affecting Luno's internal systems, Luno may, if possible and at its sole discretion, take steps to reverse or amend trades;
All trades on the Luno Exchange are subject to Luno's fee structure, as set out on the Fees page of the Luno website. By using the Luno Exchange, you accept and agree to all applicable fees;
Luno does not guarantee that the Luno Exchange will be available without interruption; that there will be no delays, failures, errors, omissions, or loss of transmitted information; or that any order will be executed, accepted, recorded, or remain open.
Luno may, at any time and at our sole discretion, refuse any trade, impose limits on the number of trades permitted, or impose any other terms or restrictions on your use of the Luno Exchange that we consider necessary. We may, for example, limit the number of open orders you can create or restrict trading from certain locations. Luno reserves the right to take such action without prior notice.
13. FEES
The fees that apply to transactions carried out on the Luno Site can be viewed on the Fees page of the Luno website. Luno reserves the right to change our fees at any time and will update the Fees page in accordance with such changes. In certain circumstances, and at our sole discretion, Luno may notify selected customers of certain fee changes, where we consider the change relevant to those customers.
Send and Receive Fees. You may be charged a fee to send Supported Crypto Assets from your Luno Wallet and/or to receive Supported Crypto Assets into your Luno Wallet. Fees will apply if Supported Crypto Assets are sent to or received from a Supported Crypto Asset address (for example a Bitcoin address); no fee will be charged if Supported Crypto Assets are sent to or received from a mobile phone number or email address. Please see the Fees page of the Luno website for further information on send and receive fees.
Deposit and Withdrawal Fees. All Withdrawals from your Luno Wallet will be subject to a fee. These fees differ in each country and are set out on the Fees page of the Luno website. Some Deposits made using a Supported Deposit Method may be subject to a fee, as set out on the Fees page. These fees will be displayed in your transaction history after the transaction is completed.
Instant Buy and Sell Fees. The offered exchange rate in respect of any buy or sell order placed using the Instant Buy and Sell service will include an amount reflecting Luno's facilitation of the relevant trade, the percentage of which will vary according to market conditions (see Instant Buy or Sell).
Trading fees. Luno applies a Maker / Taker fee structure for customers using the Luno Exchange, which is explained in the Luno Help Centre. Please see the Fees page of the Luno website for further information on the applicable Maker and Taker fees. Luno will, at the time of any transaction on the Luno Exchange, notify you of any fees that will apply to that transaction. By proceeding with any transaction, you accept and agree to the applicable fees. These fees will be displayed in your transaction history after the transaction is completed.
14. ACCOUNT SECURITY
Luno takes security matters very seriously and the measures we take to protect your Luno Account are described on the Security page of the Luno website. However, you are fully responsible for:
Maintaining adequate security and control over your Luno Account login details, including but not limited to passwords, personal identification numbers (PINs), API keys, or any other codes associated with your Luno Account;
Activating additional security features available to you, including activating two-factor authentication on your Luno account (see the Luno Help Centre);
Keeping your contact details up to date so that you can receive any notifications or alerts we may send you in connection with security (see Electronic Communications);
Maintaining security and control over the email mailbox, telephone number, and two-factor authentication application or device associated with your Luno Account.
Failure to take the above actions, and other security measures available to you, may result in unauthorised access to your Luno Account and the loss or theft of any crypto asset and/or Local Currency balances held in your Luno Wallet or any linked bank account and/or stored credit or debit card. Luno is not liable to you for or in connection with unauthorised access to your Luno Account, where such unauthorised access does not occur through Luno's fault, and/or any failure by you to act on any notification or alert we send you.
The security of your Luno Account may be threatened, or compromised, by phishing, spoofing, or other attacks, computer viruses, spyware, scareware, Trojan horses, worms, or other malware that may affect your computer or other equipment. Luno strongly recommends that you regularly use reputable virus screening and prevention software and remain alert to the fact that SMS, email services, and search engines are vulnerable to spoofing and phishing attacks.
Care must be taken in reviewing messages purporting to be from Luno and, if you have any uncertainty about the authenticity of any communication, you should log in to your Luno Account through the Luno website (specifically, https://www.luno.com.ng, and not any other domain name or website that claims to be, or to be associated with, Luno) to review any transaction or action required.
To the extent permitted by applicable law, you accept and agree that you are fully responsible for all activity that occurs in or through your Luno Account and accept all risk of any unauthorised or authorised access to your Luno Account.
Private keys. Luno securely stores all Supported Crypto Asset private keys ("Private Keys") associated with any Luno Account. You accept and agree that Luno will retain control over the Private Keys associated with your Luno Account and that you will have no control over, access to, or ability to use, those Private Keys. By way of example, but without limiting the generality of the foregoing, Luno will not:
Accept or comply with any instruction to sign any data with a Private Key;
Provide access to any funds associated with your private keys, other than Supported Crypto Assets associated with your crypto asset wallet;
Permit the creation of any receiving address associated with a Private Key other than receiving addresses created through your Luno Wallet. Luno will not credit to your Luno Wallet any crypto asset associated with a Private Key other than where those funds have been received via a receiving address generated through your Luno Wallet.
15. SERVICE AVAILABILITY
Although we will do everything we can to provide continuous operations, Luno gives no guarantee in respect of the availability of the Luno Site or your Luno Account. Without limiting the generality of the foregoing, we do not guarantee continuous access to the Luno Site or to your Savings Wallet, and make no representation that the Luno Site, the Luno API, your Luno Account and/or your Savings Wallet or the services offered within them will be available without interruption; or that there will be no delays, failures, errors, omissions, or loss of transmitted information.
16. TRANSACTIONS ON CRYPTO ASSET NETWORKS
When you use your Luno Account to send or receive crypto assets, the transaction must be confirmed and recorded in the public ledger associated with the relevant crypto asset network (for example the Bitcoin network or the Ethereum network). Those crypto asset networks are solely responsible for verifying and confirming such transactions. Luno cannot confirm, cancel, or reverse transactions on a crypto asset network, other than confirming to you that the network has completed the transaction. You accept and agree that:
Once submitted to a crypto asset network, a transaction will not be confirmed for a certain period of time while awaiting sufficient confirmation of the transaction by the network. A transaction is not complete while it is in a pending state. Funds associated with a transaction that is in a pending state will be designated accordingly, and will not be included in your Luno Wallet balance or available to you to transact;
When you send crypto assets from your Luno Account, you authorise us to submit your transaction request to the relevant crypto asset network. Once the transaction request has been submitted to the relevant crypto asset network, the network will automatically complete or reject the request and neither you nor Luno will be able to cancel or amend your transaction;
Crypto asset networks are operated by decentralised networks of independent third parties. They are not owned, controlled, or operated by Luno and therefore we cannot ensure that any transaction detail you submit will be confirmed by the relevant crypto asset network. You agree that any transaction detail you submit may not be completed, or may be substantially delayed, by the crypto asset network used to process the transaction.
Network protocols and operating rules. The underlying software protocols that govern the operation of Supported Crypto Assets are open source. Therefore, anyone can use, copy, modify, and distribute them and Luno has no ownership of or control over these protocols. By using the Luno Site, you accept and agree that:
Luno is not responsible for the operation of the software protocols underlying crypto asset networks and does not guarantee their availability, security, or functionality;
The underlying software protocols are subject to sudden changes in operating rules (known as "forks"), and such forks may materially affect the value, function, and/or name of any crypto asset you hold in your Luno Account. In the event of a fork, Luno may, with or without notice to you, temporarily suspend our operations and, at our sole discretion, decide whether or not to support either branch of the forked protocol in full; and
If Luno decides not to support a branch of a forked protocol, you will not be given access to the assets on that fork. Those assets will be held securely by Luno and we will not buy or sell them.
17. INACTIVE ACCOUNTS
Local Currency held in your Luno Wallet may only be used for the purchase of Supported Crypto Assets and/or Withdrawal to an approved bank account (see Luno Wallet). You are not permitted to use your Luno Wallet for the purpose of storing Local Currency. If the Local Currency in your Luno Wallet is not used for a period of more than three months, Luno may charge and recover from you an Inactivity Fee of USD2.00 per month (or the equivalent in your Local Currency), which will be collected from the Local Currency held in your Luno Wallet. If we have reasonable grounds to suspect that you are using your Luno Wallet primarily for the purpose of storing Local Currency, Luno reserves the right to restrict, suspend, or terminate your Luno Account.
Unclaimed property. If there are funds held in your Luno Wallet and Luno has no record of your Luno Account being used for a number of years, and we are unable to contact you, the laws in your jurisdiction may require us to report and remit those funds to the relevant authority as unclaimed property. To the extent permitted by applicable law, Luno reserves the right to deduct a dormancy fee or other administrative fees from such unclaimed funds.
18. CLOSING YOUR ACCOUNT
You may close your Luno Account by submitting a closure request through the Help Centre. Luno will act on such a request once (i) the sum of all Local Currency and crypto asset balances in your Luno Wallet is below the Minimum Closure Amount; and (ii) no transactions have occurred in your Luno Account for at least 30 days. These requirements are designed to protect you from loss and Luno will not carry out a closure request until these requirements are met.
You accept and acknowledge that, once your Luno Account is closed:
You will have no further access to that account;
Luno is under no obligation to notify you of, or to provide to you, any crypto asset sent to any receiving address associated with your Luno Account; and
Luno reserves the right (but is not obliged) to delete all of your account information and data stored on our servers, and also reserves the right to retain any information necessary for legal or operational reasons.
If, on the date of your account closure, Local Currency or crypto assets remain in your Luno Wallet (such as funds amounting to less than the Minimum Closure Amount), you accept and agree that Luno will retain those funds and that you have no further claim to those funds. The Minimum Closure Amount is USD10.00 or an equivalent amount in your Local Currency.
You accept and agree that Luno will not be liable to you or any third party in connection with the closure of your Luno Account, the termination of access to your Luno Account, or the deletion of your Luno Account information or data.
19. RESTRICTION, SUSPENSION, AND TERMINATION
Luno reserves the right to restrict, suspend, or terminate your Luno Account if:
We reasonably suspect that your Luno Account is experiencing an operational or other error, in which case we may be required to suspend access to your account until that error is corrected;
We reasonably suspect that your Luno Account has been or is being used in connection with unlawful, fraudulent, or Prohibited Activity, or in breach of these Terms;
We reasonably suspect that you or your Luno Account is or has been associated with, or poses a high risk of, money laundering, terrorist financing, fraud, or other financial crime;
We reasonably suspect you have taken any action that Luno considers to be a circumvention of Luno's controls, including but not limited to opening multiple Luno Accounts;
We reasonably suspect your involvement in any attempt to gain unauthorised access to a Luno Account;
Your Luno Account is or appears to be the subject of any legal, regulatory, or governmental proceedings and/or we, at our sole discretion, consider there to be a high risk of legal or regulatory non-compliance associated with your Luno Account;
We are compelled to do so on the first valid subpoena, court order, or other binding order from a government or regulatory authority; or
We reasonably conclude that you, or any person or location with whom you transact, is / are subject to any government sanctions.
Luno will make all reasonable efforts to give you notice of any decision to restrict, suspend, or terminate your Luno Account and/or Savings Wallet, unless we are prevented from doing so by legal or regulatory process or requirements, or if doing so could compromise Luno's security and/or risk management procedures. You accept and agree that Luno is under no obligation to disclose to you the facts or reasons for any decision to restrict, suspend, or terminate your Luno Account, and has no liability to you in connection with the restriction, suspension, or termination of your Luno Account.
Account termination. If Luno elects to terminate your Luno Account in accordance with the above, we will (unless legally required not to) return your available crypto asset and/or Local Currency balances to you in accordance with the procedures set out below:
Crypto Assets. If you have a Supported Crypto Asset balance in your Luno Account above the Minimum Threshold amount, we will liquidate the crypto assets and deposit the realised value of the liquidation into your Local Currency wallet. The Minimum Threshold Amount is USD10.00, or an equivalent amount in each applicable Supported Crypto Asset calculated on the day on which the liquidation is carried out. We will not send your Supported Crypto Assets to an alternative crypto asset wallet address. Any risk of adverse exchange rate fluctuations will be your responsibility and you have no claim against Luno for any loss you may suffer as a result of the liquidation of your Supported Crypto Asset balance.
Local currency. We will return to you an amount no greater than the cumulative value of all Local Currency Deposits into your Luno Account, if applicable. Payment will only be made to you after the submission to us of valid bank account details in your name. We will not transfer Local Currency to any bank account in the name of a third party.
Death of the Account Holder. If we receive legal documentation confirming your death or other information that leads us to believe that you have died, we reserve the right to restrict or suspend your Luno Account for security purposes and, during this time, so that no transactions are completed until such time as: (i) we receive instructions from the executor / fiduciary you have appointed; or (ii) we receive evidence in a form satisfactory to us that you have not in fact died.
If we have reason to believe that you may have died but we do not have evidence of your death in a form satisfactory to us, you authorise us to make all enquiries that may be necessary, either directly or through third parties, to ascertain whether or not you have died. Once we receive evidence satisfactory to us that you have died, the executor / fiduciary you have appointed in a valid Will or similar testamentary document may instruct us in writing to: (i) sell the applicable crypto assets for Local Currency and withdraw that Local Currency to a bank account submitted in writing by the executor / fiduciary; or (ii) transfer the applicable crypto assets to another crypto asset wallet designated in writing by the executor / fiduciary.
If you have not appointed an executor / fiduciary, then we reserve the right to treat as your executor / fiduciary any person entitled to inherit your Luno Account under applicable law. Luno reserves the right to request all documentation that we, at our sole and absolute discretion, may consider necessary or appropriate to satisfy ourselves as to the identity and authenticity of such person, including (but not limited to) an order appointing an executor / fiduciary from a court with competent jurisdiction over your estate. In the event that we determine, at our sole and absolute discretion, that there is uncertainty regarding the validity of the appointment of an executor / fiduciary, then we reserve the right to require an order resolving the matter from a court of competent jurisdiction before taking any action in relation to your Luno Account.
20. USING THE LUNO API
This section 20 applies to the use of the Luno Application Programming Interface and all related documentation or materials (collectively, the "Luno API", see the Luno API page on the Luno website). Any use of the Luno API is subject to this section and, for the avoidance of doubt, the Terms as a whole.
The risk of any use of the Luno API is borne entirely by you. It is your responsibility to maintain the security of the API keys, passwords, or other credentials associated with your use of the Luno API, and you accept and agree that you are fully responsible for any and all requests made through the API, whether authorised by you or not.
Luno sets and enforces limits on your use of the Luno API (for example limiting the number of requests per second). You accept and agree that any circumvention, or attempt to circumvent, these limits, or any use of the Luno API that may adversely affect other users of the Luno Site, may result in Luno, at its sole discretion, revoking your API access.
If market data is provided to you through the Luno API, you are not permitted to redistribute or sell that data without the prior written consent of Luno.
21. FINANCIAL ADVICE
Under no circumstances does any information contained on the Luno Site, or provided to you through your Luno Account, by Luno employees, agents, or affiliates, constitute financial, investment, or other professional advice.
You are fully responsible for any decision to hold, buy, or sell crypto assets, and such decisions must take into account your risk tolerance and financial circumstances. For further information regarding the risks involved, see Risks and the Risk Warning on the Luno website. You should consult your legal or tax expert in respect of your particular situation.
22. TAXES
You are solely responsible for determining whether, and to what extent, taxes apply to any transaction you carry out through your Luno Account, and for withholding, collecting, reporting, and paying the correct amount of tax to the appropriate tax authorities.
23. EXPORT CONTROLS AND SANCTIONS
Your use of the Luno Site is subject to international export controls and economic sanctions requirements. By carrying out any activity on the Luno Site or through your Luno Account, including but not limited to sending, receiving, buying, selling, storing, or trading any crypto asset, you agree that you will comply with these requirements at all times. In particular, and without any limitation on the generality of the foregoing, you must not open, use, or have access to any Luno Account if:
You are located in or under the control of, or a resident of, any country subject to a United States embargo, UN sanctions, the HM Treasury financial sanctions regime, or if you are included on the US Department of the Treasury's Specially Designated Nationals List or the US Department of Commerce Denied Persons List, Unverified List, Entity List, or the HM Treasury financial sanctions regime; or
You intend to supply crypto assets acquired or held, or to transact with a person or business operating in, any country subject to a United States embargo or the HM Treasury financial sanctions regime, or with a person on the Specially Designated Nationals List, Denied Persons List, Unverified List, Entity List, or the HM Treasury financial sanctions regime.
24. PROHIBITED ACTIVITIES
You must not use your Luno Account to carry out any activity or category of activity set out in this section (each referred to as a "Prohibited Activity"):
Violations of any law, statute, ordinance, or regulation;
Carrying out, facilitating, or supporting criminal activity of any kind, including but not limited to, money laundering, terrorist financing, illegal gambling operations, or malicious hacking;
Abusive activity, including but not limited to:
Imposing an unreasonable or disproportionately large load on Luno's infrastructure, or taking any action that may negatively affect the performance of the Luno Site or Luno's reputation;
Attempting to gain unauthorised access to the Luno Site or any Luno Account;
Transmitting or uploading any material to the Luno Site that contains viruses, Trojan horses, worms, or other malicious programs; or
Transferring your Luno Account access or your Luno Account rights to a third party, except where required by law or with the prior consent of Luno.
Paying for or supporting pyramid schemes, Ponzi schemes, matrix programmes, "get rich quick" schemes, multi-level marketing programmes, or high-yield investment programmes;
Fraudulent activity, including but not limited to taking any action that defrauds Luno or Luno's customers, or providing false, inaccurate, or misleading information to Luno;
Transactions involving items that may help facilitate or enable illegal activity; that promote or facilitate hatred, violence, or racial intolerance; that are considered obscene; or that may be stolen goods or the proceeds of crime;
Transactions involving TOR marketplaces, online gambling sites, or mixers;
The sale or purchase of narcotics or controlled substances;
Infringement of intellectual property.
By opening a Luno Account, you confirm that you will not use your account to carry out the Prohibited Activities mentioned above or any other similar or related activity.
Activities subject to Luno's prior written consent. Unless you have obtained Luno's prior written consent, you accept and agree that you will not use your Luno Account to carry out or operate the following business activities or categories of activity:
Money services, including but not limited to money or crypto asset transmission, currency or crypto asset exchange or dealing, payment service providers, electronic money, or other financial services businesses;
Gambling or gaming services;
Charitable or religious / spiritual organisations;
Consumer lending services, including but not limited to secured and unsecured lending, cash advances, payday lending;
Investment funds, asset management, or brokerage services.
We reserve the right to restrict, suspend, or terminate your Luno Account if we suspect, at our sole discretion, that you are using, or have used, your Luno Account in connection with any of the activities listed above, or any other similar or related activity, without obtaining Luno's prior written consent.
25. DISCLAIMER OF WARRANTIES
The Luno Site, the Luno Account, and any related products or services offered operate only on an "as is" and "as available" basis and Luno expressly disclaims, and you will not request, all warranties of any kind, whether express or implied. Without limiting the generality of the foregoing, the Luno Site, the Luno Account, and related products or services are offered without any warranty of merchantability or fitness for a particular purpose.
Some jurisdictions do not allow the disclaimer of implied terms in consumer contracts, so some or all of the disclaimers in this section may not apply to you.
26. LIMITATION OF LIABILITY
Under no circumstances will Luno, its operating entities, or other affiliates (including their respective directors, members, employees, or agents) be liable to you for any direct, indirect, special, consequential, exemplary or punitive damages or other damages including but not limited to loss of profits, loss of revenue, loss of business, loss of opportunity, loss of data, whether in contract, tort, or otherwise, arising out of or in connection with your use of, or inability to use, or the unavailability of the Luno Site and/or Luno Account, including without limitation damage caused by or resulting from reliance on any information received from Luno, or resulting from any error, omission, interruption, deletion of files or emails, defect, fault, virus, delay in operation or transmission, or any failure of performance, whether or not resulting from force majeure, communications failure, theft, destruction, or unauthorised access to Luno's records, programs, and services.
Under no circumstances will Luno, its operating entities, or other affiliates (including their respective directors, members, employees, or agents) be liable to you in connection with your use of the Luno Site or your Luno Account, in excess (in aggregate) of the fees earned by Luno in connection with your use of your Luno Account in the six-month period immediately preceding the event giving rise to the liability claim.
The above limitations of liability apply to the fullest extent permitted by law in the applicable jurisdiction. Because some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages, some of the limitations in this section may not apply to you.
27. INDEMNITY
To the extent permitted by law, you agree to indemnify Luno, its operating entities, or other affiliates (including their respective directors, members, employees, and/or agents) against any actions, liabilities, costs, claims, losses, damages, proceedings, or expenses suffered or incurred directly or indirectly arising from your use of or actions in connection with the Luno Site and/or your Luno Account, or from your breach of these Terms.
28. USDC
You may choose to buy or sell USD Coin ("USDC") through Luno. USDC is governed by Centre, a membership-based consortium established by Circle Internet Financial Limited ("Circle") that sets the technical, policy, and financial standards for USDC ("Centre"). By acquiring USDC, you acknowledge that you will be the owner of the balance held in your USDC wallet and therefore, you agree to comply with any rules or technical standards set by Centre and/or the applicable USDC issuer, including (without limitation) the Circle USDC Agreement (located at support.usdc.circle.com). For the avoidance of doubt, Luno is not the issuer of USDC, does not hold US Dollars in reserve for USDC holders, and is not obliged to repurchase or redeem your USDC for any fiat currency. Any redemption of USDC must be made against the issuer directly. Luno reserves the right to change, suspend, or discontinue any service in respect of USDC at any time, without notice and without incurring any liability as a result.
29. REPEAT BUYS
You may carry out recurring transactions to or from your Luno Wallet ("Repeat Buys"). If you initiate a Repeat Buy, you acknowledge and undertake that:
Your Repeat Buy transaction will be executed at the prevailing market price offered on the Luno Exchange at the time we execute the relevant Repeat Buy order;
You authorise us to make recurring electronic payments to and from your Luno Wallet in accordance with the Supported Crypto Asset you have selected and the associated Supported Deposit Method, such as debiting funds from your bank account or other payment account. Your Repeat Buy transactions will occur in equal and periodic instalments based on your selection (for example daily, weekly, monthly), until you or Luno cancels the Repeat Buy;
Once you have set up a Repeat Buy to be executed against your Luno Wallet, the Repeat Buy transaction will be carried out against the positive balance of available funds held in your applicable Luno Wallet (that is, funds excluding funds associated with any open orders on the Luno exchange) ("Available Funds"). You must ensure that you have sufficient Available Funds in your Luno Wallet to pay for your Repeat Buy on the scheduled payment date;
If any Repeat Buy fails 3 (three) consecutive times, then we reserve the right to cancel or pause your Repeat Buy; and
We may charge you a Repeat Buy fee which will be charged in addition to the other fees and charges set out on our Fees page.
30. LUNO LABS
As a Luno customer, you may choose to enable 'Luno Labs', which is a beta testing environment for new Luno products and/or services ("Luno Labs"), which, at Luno's full discretion, may be made available to customers.
If you choose to use Luno Labs, you acknowledge and agree (without prejudice to the generality of these Terms) that:
The products and services provided to you are on an 'as is' basis, on the understanding that these products and services are still in development and therefore cannot be free of errors;
Luno expressly disclaims all warranties in relation to such products and services, including (without limitation) that the products and services are fit for use, that the products and services will be available without significant 'downtime', or that Luno will not elect to discontinue Luno Labs products and services at any time; and
You expressly waive all claims against Luno that may arise from the use of Luno Labs products or services.
For the avoidance of doubt, Luno Labs is not marketed or offered to the public, and Luno is under no obligation to enable it.
31. DISPUTES
You and we agree to notify the other party in writing of any claim or dispute that arises in connection with the Luno Site, your Luno Account, or these Terms, within 30 days of that claim or dispute arising. You and we also agree to seek an informal resolution of any Dispute before bringing a claim to any court or other body.
Governing law and jurisdiction. This agreement will be governed by and construed in accordance with the laws of Indonesia. You and we agree to submit any dispute, claim, or controversy (including non-contractual Disputes, claims, or controversies) arising out of or in connection with these Terms, or their breach, termination, enforcement, or interpretation (collectively referred to as Disputes), to the non-exclusive jurisdiction of those courts.
Waiver of class or representative actions. To the extent permitted by law, you and Luno each agree that each will bring Disputes against the other only in your or its individual capacity, and you and Luno waive any right to commence or participate in any class action or representative action or proceeding against each other. Further, where permitted by law, unless you and Luno agree otherwise, no court may consolidate the claims of other persons with your Dispute, nor may it preside over any form of representative or class proceeding.
For the avoidance of doubt, if the waiver of Class or representative actions is found by a court of competent jurisdiction to be invalid, void, or unenforceable, then the remainder of this Disputes clause remains valid and enforceable.
32. OTHER
Entire agreement. These Terms comprise the entire agreement and understanding between you and Luno in respect of their subject matter and supersede any and all prior discussions, agreements, and understandings of any kind between you and Luno (including but not limited to any prior versions of these Terms).
Severability. If any provision of these Terms, as amended from time to time, is determined to be illegal, invalid, or unenforceable, in whole or in part, under any law, that provision or part of that provision will to that extent be deemed not to form part of these Terms but the legality, validity, and enforceability of the other provisions of these Terms will not be affected and all other parts of these Terms will continue in full force and effect.
Where any provision or part of these Terms is determined to be illegal, invalid, or unenforceable, that provision or part of that provision will be replaced by the parties with a provision or part of a provision that is legal, valid, and enforceable and that has, to the greatest extent possible, a similar effect to the illegal, invalid, and unenforceable provision, taking into account the content and purpose of these Terms.
Assignment. You may not assign or transfer your rights or obligations under these Terms without the prior written consent of Luno. You give your consent to Luno to assign or transfer these Terms in whole or in part, including but not limited to: (i) a parent company, subsidiary, affiliate, or other "group company" ("Group company" shall, in this context, refer to any entity under the same control as Luno, and "control" in this context refers to the direct or indirect ability to exercise a majority of the voting rights in that entity); (ii) an acquirer of Luno's equity, business, or assets; or (iii) a successor by merger.
Change of control. In the event that Luno is acquired by or merges with a third party, we have the right to transfer or assign the information we have collected from you as part of the merger, acquisition, sale, or other change of control.
Force Majeure. Luno will not be liable for any delay, failure of performance, or service interruption resulting directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure caused by acts of God, acts of civil or military authorities, acts of terrorism, civil disturbance, war, strikes or other labour disputes, fire, interruptions in telecommunications or Internet services or network provider services, equipment and/or software failure, other catastrophes, or other events beyond our reasonable control.
Survival. All provisions of these Terms which by their nature extend beyond the expiry or termination of these Terms, including but not limited to, the sections relating to the suspension or termination of your Luno Account, the use of the Luno Site, disputes with Luno, and general provisions, will survive the termination of these Terms.
Section Headings. The section headings in these Terms are for convenience only, and do not govern the meaning and interpretation of any provision of these Terms.
English Language Controls. Notwithstanding any provision of these Terms, any translation is provided solely for your convenience. The meaning of the terms, conditions, and representations herein are subject to their definitions and translation in the English language. Any translation provided may not accurately represent the information in the original English version.