South African Exchange, Luno, Adds One Million New Users in 2021 Crossing 7 Million Total – Over 3 Million Are Nigerians

Today, we’re celebrating the milestone of reaching 7M+ customers globally! ????Thank you to all of you for your continued support and for helping us build a better financial system together. pic.twitter.com/XM8ZT71oCM — Luno (@LunoGlobal) February 26, 2021 In the last 7 weeks alone, Luno, A South African crypto exchange, has added over one million users crossing over 7 million customers globally. According to a press release sent to BitcoinKE, over 3 million of these users are based out of Nigeria. ___________________________________________________________________ SEE ALSO: Liquidity Drops to a Third as Bitcoin Trades at a Near 50% Premium on Luno Exchange Following the Nigerian Crypto Ban ___________________________________________________________________ The milestone comes amidst the ongoing crypto ban by the Central Bank of Nigeria that restricts all banks and deposit-taking firms from dealing with crypto exchanges. Following this direction, Luno has reported that its liquidity has dropped by a third of what it was previous to the ban which came into effect on February 5, 20201. Marcus Swanepoel, CEO, Luno, has expressed his views on the ongoing ban. In a statement, he said: “Any attempt to restrict access to cryptocurrency does not protect Nigerians. It holds them back and leaves them vulnerable. It prevents honest Nigerians from taking advantage of all that cryptocurrency has to offer them. It also leaves the regulators at a disadvantage. Blanket bans push people “underground” [i.e. trading via Whatsapp or Telegram groups, for example]. This makes activity involving transparency less transparent and means financial bodies have less visibility of what’s going on.”                          – CEO, Luno The ban has also seen exchanges operating in Nigerian find workarounds that are less visible to regulators such as P2P trading. Commeting on this, Swanepoel says: “Our view is that P2P trading would go against the spirit of the CBN’s directive. We believe that the focus should instead be on demonstrating to the CBN that exchanges such as Luno have the necessary controls in place to address the concerns it has in relation to cryptocurrencies.”                      – CEO, Luno Luno hopes to work with regulators in Nigeria by having an open dialogue in order to create ‘an inclusive and transparent cryptocurrency ecosystem, making it easier for consumers and regulators alike.” The South African exchange was recently ranked among the top 6 crypto exchanges in a recent cryto ranking report by CryptoCompare. ____________________________________________________________________ RECOMMENDED READING: [WATCH] Crypto Significantly Threatens the Safety and Soundness of Nigerian Financial System, Says Governor, Central Bank of Nigeria ____________________________________________________________________ Follow us on Twitter for latest posts and updates Join and interact with our Telegram community _____________________ Subscribe to the channel below to keep updated on latest news on video: [embedded content] ____________________________________________________________________ Start trading bitcoin today from as low as $10. Open a Binance Bitcoin Trading Account to get started! ____________________________________________________________________

South African Exchange, Luno, Adds One Million New Users in 2021 Crossing 7 Million Total – Over 3 Million Are Nigerians

In the last 7 weeks alone, Luno, A South African crypto exchange, has added over one million users crossing over 7 million customers globally.

According to a press release sent to BitcoinKE, over 3 million of these users are based out of Nigeria.

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SEE ALSOLiquidity Drops to a Third as Bitcoin Trades at a Near 50% Premium on Luno Exchange Following the Nigerian Crypto Ban

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The milestone comes amidst the ongoing crypto ban by the Central Bank of Nigeria that restricts all banks and deposit-taking firms from dealing with crypto exchanges.

Following this direction, Luno has reported that its liquidity has dropped by a third of what it was previous to the ban which came into effect on February 5, 20201.

Marcus Swanepoel, CEO, Luno, has expressed his views on the ongoing ban. In a statement, he said:

“Any attempt to restrict access to cryptocurrency does not protect Nigerians. It holds them back and leaves them vulnerable. It prevents honest Nigerians from taking advantage of all that cryptocurrency has to offer them. It also leaves the regulators at a disadvantage.

Blanket bans push people “underground” [i.e. trading via Whatsapp or Telegram groups, for example]. This makes activity involving transparency less transparent and means financial bodies have less visibility of what’s going on.”

                         – CEO, Luno

The ban has also seen exchanges operating in Nigerian find workarounds that are less visible to regulators such as P2P trading. Commeting on this, Swanepoel says:

“Our view is that P2P trading would go against the spirit of the CBN’s directive. We believe that the focus should instead be on demonstrating to the CBN that exchanges such as Luno have the necessary controls in place to address the concerns it has in relation to cryptocurrencies.”

                     – CEO, Luno

Luno hopes to work with regulators in Nigeria by having an open dialogue in order to create ‘an inclusive and transparent cryptocurrency ecosystem, making it easier for consumers and regulators alike.”

The South African exchange was recently ranked among the top 6 crypto exchanges in a recent cryto ranking report by CryptoCompare.

____________________________________________________________________

RECOMMENDED READING: [WATCH] Crypto Significantly Threatens the Safety and Soundness of Nigerian Financial System, Says Governor, Central Bank of Nigeria

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Follow us on Twitter for latest posts and updates

Join and interact with our Telegram community

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Subscribe to the channel below to keep updated on latest news on video:

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Start trading bitcoin today from as low as $10.

Open a Binance Bitcoin Trading Account to get started!

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