A must read for every Nigerian using Luno Exchange.

[Larexx]

Luno Luno (formally known as Bitx) is a Bitcoin exchange/wallet Provider. ... Luno allows cryptocurrency users to buy and sell Bitcoin through bank local bank Transfer.
Luno is a centralized cryptocurrency exchange, and has be operating Nigeria for some years now and with tonnes of Nigerians using the platform. With this aside, I will like to focus on the purpose of creating this thread.

This days, It's very clear that before one can any of these centralized exchange KYC and AML verification  mandatory, which is of a good purpose, and Luno is not left.

But there's something which I will like my Nigerian Brothers to be aware of when submitting KYC on Luno,  most especially for the newbies that are joining these Crypto business.

Unlike other platforms that request for your  ID for  KYC verification, Luno is taking one step ahead above other exchanges in terms of KYC verification, Luno is demanding for BVN verification, I don't if this is applicable to Nigerians only.

What's BVN?

BVN is an acronym for Bank Verification Number

The Bank Verification Number commonly called BVN is a biometric identification system implemented by the Central Bank of Nigeria to curb or reduce illegal banking transactions in Nigeria. It is a modern security measure in line with the Central Bank of Nigeria Act 1958 to reduce fraud in the banking system.

Before you submit your BVN to Luno, here's what you should know.

1) Your Luno account will be linked to your BVN

2) whatever activities that's goes on in your Luno account will reflect in your BVN.

3) The Central Bank of Nigeria CBN, will have access to your account, whatever activities that goes on in your account will be tracked by the CBN!

4) The total amount of cash you have in your local bank accounts together with what you have in your Luno account will sum up together, and will reflect in one account, your BVN account! Which is controlled by the central bank of Nigeria alone.

5) Anyone that have your BVN can as well withdraw money from your account, so stay safe!

If you don't want your cryptocurrency life or business to be made public, you can chose other option of exchanges, but if you're okay with the Luno KYC rules, you can continue using the exchange.

My little advice, Don't share your BVN with third party, stay safe.

Best regards

[teejayrichard2]

this is really strange because I am from Nigeria and have been using luno for two years now. I have also done my kyc back then but if luno is now demanding BVN, then i wont consider it safe anymore. BVN is one of the most vital information every Nigerian has now and its really not safe sharing it with anyone especially an exchange like luno.

[Mpamaegbu]

OP, with just 2posts to show for as a newbie your story will be very hard to believe. For posting such a vital information as alleged, it would've been more credible if it had come from a veteran member here. I am a Nigerian and I haven't heard about this except for the Paxful incidence. BTW, the BVN is a vital and private financial information no Nigerian would want to just give out like that. If this is true, that means Nigerians are going to ditch Luno without reluctance.