Luno review: licences by country, local deposits and fee gaps

Who runs Luno

Luno is a crypto platform and, in its own words, “an independent operating subsidiary of Digital Currency Group”. The Luno company you deal with depends on the country where you verify your account: Luno (Pty) Ltd in South Africa, Luno Fintech Nigeria Ltd in Nigeria, Luno Kenya Ltd in Kenya, Luno Technology Uganda Ltd in Uganda and Luno Technology Zambia Ltd in Zambia. All facts in this review were checked on 18 October 2026 on Luno’s pages and, for Bermuda, in the regulator’s register.

Licences and registrations

• South Africa: Luno (Pty) Ltd is an authorised financial services provider, FSP 53314. Its FAIS disclosure notice describes it as a Category I and II provider “in respect of crypto assets” and refers to the Financial Sector Conduct Authority (FSCA). For derivatives it acts as a juristic representative of another provider, Black Onyx CurrencyHub (FSP 50850).
• Nigeria: Luno Fintech Nigeria Limited has an approval in principle from the Securities and Exchange Commission to join its Accelerated Regulatory Incubation Programme, and is registered with the Nigerian Financial Intelligence Unit. An approval in principle is not a licence, so we list it as a registration.
• Bermuda: Luno International Limited holds a Class F digital asset business licence from the Bermuda Monetary Authority (202504676). The BMA register shows it, effective 11 August 2026.
• Malaysia and Indonesia: Luno Malaysia is a Recognized Market Operator (digital asset exchange) of the Securities Commission Malaysia; PT Luno Indonesia is licensed by the OJK as a digital financial asset trader (KEP-17/D.07/2026).
• Uganda, United Kingdom, Australia: registrations only. Luno Technology Uganda is registered as an accountable person with the Financial Intelligence Authority, Luno Money Limited as a reporting entity with the UK Financial Intelligence Unit, and Luno Australia as a digital currency exchange provider with AUSTRAC.
• Kenya and Zambia: Luno names the companies that serve these countries, but no regulator for them.

The South African FSP number comes from Luno’s own pages; we did not check it in the FSCA register.

Fees

Luno’s terms send every fee question to its “Fees page” in the help centre, which showed a security check we did not try to get past. So this review has no maker and taker rates, no withdrawal amounts and no USDT network list. The terms do say that every fiat withdrawal carries a fee that differs by country, that exchange trades use a maker/taker structure, and that an inactivity fee of USD 2 per month may apply to money left unused for more than three months. Crypto send fees are “dynamic”: they follow network traffic and appear before you confirm. The only maker and taker figures on luno.com belong to a ZARU/USDT and ZARU/USDC promotion ending on 3 November 2026.

Deposits and withdrawals

In South Africa you deposit rand into a Luno bank account and withdraw to an approved bank account. In Nigeria you deposit naira into a Luno bank account from a method in your own name, and you can withdraw naira only to your personal bank account. The deposit methods available in each country are listed on the fees page we could not read.

Luno lists Tether (USDT) among its assets, but outside the help centre it does not say which networks it supports for USDT. Check the network in the app before you send.

Staking and USDC Earn

Luno offers staking (“up to 11% a year”) and, in South Africa, USDC Earn (“up to 3.5% p.a.”). Both figures are maximums; for USDC Earn, Luno says the rate is variable and returns are not guaranteed. Staked crypto stays in Luno’s custody, so you depend on the platform. Luno’s own warning applies: investing in crypto assets may result in the loss of capital.

Proof of reserves

Luno says it stores all assets on a 1:1 basis “with monthly proof of reserves to prove it”, and links a proof-of-reserves guide in its site footer. That guide is in the same help centre, so we have not read it.

Before you open an account

• Check which Luno company your country maps to; in Nigeria it holds an approval in principle, not a licence.
• Look up the withdrawal fee for your currency in the app before you deposit.
• Confirm the USDT network in the app before sending or receiving.

We have not tested Luno with our own account yet; this review will be updated when we do.