Crypto Exchange Luno Says South Africa’s Crypto Trading Dominated by Young Pe...
Luno, one of Africa’s pioneering crypto exchanges, has revealed that South Africa’s cryptocurrency trading is largely dominated by young people with those under the age of 29 accounting for 40% of transactions. The exchange, which claims to have added nearly a million new South African customers in 2020, also reveals that “around 65% of Luno’s users are male and about 35% female.” These figures compare favourably with the industry average of 70% male to 30% female. Rising Retail Demand In addition to achieving a 300% year-on-year growth, Luno reports seeing....
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One of South Africa’s biggest cryptocurrency exchanges, Luno, has confirmed that it has started restricting withdrawals by clients. The exchange insists the limits are meant to “act as a deterrent for illicit actors moving large amounts of funds within the crypto ecosystem.” The Restrictions on Transfers However, despite this acknowledgement, Luno has so far refused to explain how the exchange sets the so-called “dynamic risk-based limits.” According to a report, the limits — which are separate from the send limits that appear on Luno’s....
Africa’s top golfers are set to receive Bitcoin prize money after ground-breaking sponsorship of the Sunshine Tour. Top golfers from Africa and Europe will be eyeing lucrative Bitcoin (BTC) payouts at the end of the 2022 season after a new sponsorship of South Africa’s Sunshine Tour.The year-long season sees golfers compete for the top spot on Sunshine Tour’s overall leaderboard - the Order of Merit. Crypto platform Luno, which has a big footprint in South Africa and the wider African continent, has assumed the title sponsorship of the overall rankings.Money talks in sport but the language....
Industry insiders believe South Africa's move to classify cryptocurrencies as financial products could drive the adoption and legitimacy of the sector. South African financial service providers have been primed to offer cryptocurrency products and services to customers after regulatory amendments in the country.This comes after South Africa’s Financial Sector Conduct Authority amended its financial advisory act from 2002 on Oct. 19, defining crypto assets in the country as financial products. Most importantly, the definition means that cryptocurrencies can now be offered by financial....
Luno cryptocurrency exchange recently announced the launch of an investment arm, Luno Expeditions, whose objective is to invest in fintech, crypto, and Web3 startups globally. The investment arm will target digital assets and later-stage companies starting from Series A upwards. Funding Over 200 Startups per Year One of Africa’s pioneering cryptocurrency exchanges, Luno, recently announced the launch of an early-stage investment arm whose objective is to back fintech, crypto, and Web3 startups. Known as Luno Expeditions, the investment arm is expected to fund somewhere between 200....
African crypto adoption has exploded in 2020, prompting fears of a heavy-handed regulatory response 2020 has seen an acceleration in African crypto adoption, with the continent emerging as the second-largest region for peer-to-peer (P2P) trading, and two African nations ranking in the top eight of the Chainalysis crypto adoption index.However, the booming growth has caught the attention of Africa’s financial regulators, sparking concerns that a rush to introduce heavy-handed oversight could quell innovation in the local crypto industry.Nigeria has led the continent’s growth in 2020,....