{"id":12261,"date":"2021-09-18T11:54:03","date_gmt":"2021-09-18T11:54:03","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/luno-to-reinstate-deposit-and-withdrawal-function-for-nigerian-clients-denies-user-speculation\/"},"modified":"2021-09-18T11:54:03","modified_gmt":"2021-09-18T11:54:03","slug":"luno-to-reinstate-deposit-and-withdrawal-function-for-nigerian-clients-denies-user-speculation","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/luno-to-reinstate-deposit-and-withdrawal-function-for-nigerian-clients-denies-user-speculation\/","title":{"rendered":"Luno to Reinstate Deposit and Withdrawal Function for Nigerian Clients \u2014 Denies User Speculation"},"content":{"rendered":"

One of the African continent\u2019s leading cryptocurrency exchanges, Luno, has told its Nigerian users that it is \u201cin the process of reinstating deposit and withdrawal functions on our platform.\u201d According to an email that was sent to Nigerian users, this reinstatement is expected to happen \u201cin the coming weeks.\u201d<\/strong><\/p>\n

Luno Not in Direct Communication With CBN<\/h2>\n

As a report<\/a> by The Guardian noted, this announcement by Luno is coming some seven months after the Central Bank of Nigeria (CBN) directed banks to exclude cryptocurrency entities from the banking ecosystem. Consequently, some users in Nigeria have speculated that this announcement means the CBN is about to reverse this decision.<\/p>\n

However, Owen Odia, Luno\u2019s country manager for Nigeria, denied that this was the case. He suggested in a statement to Bitcoin.com News that the mere sending of the emails does not mean the exchange is privy to CBN discussions about the lifting of its directive<\/a> to banks.<\/p>\n

<\/p>\n

The Luno manager, however, did confirm that Luno has been working with other Nigerian stakeholders as it tries to find a solution that \u201cprioritises the safety of its customers.\u201d<\/p>\n

He explained:<\/p>\n

With regards to Luno\u2019s engagement with the CBN, we have not been in direct conversation with them regarding this. However, we have engaged relevant stakeholders in Nigeria who can collectively work with the government and regulatory bodies, to find a quick and suitable resolution.<\/p>\n

Odia emphasizes that while Luno is not in a position to comment on the CBN\u2019s plans concerning its directive, his organization remains hopeful that \u201cthis situation will be resolved.\u201d<\/p>\n

Crypto Regulatory Framework in the Works<\/h2>\n

Following the CBN\u2019s abrupt decision to lockout<\/a> cryptocurrency entities from the banking system, Luno became one of the few exchanges that pledged to assist Nigerian authorities in their quest to find the right regulatory framework for crypto. While there have been no reports of real progress on this front, Luno\u2019s announcement still suggests that the exchange might have reached some kind of compromise with Nigerian regulators.<\/p>\n

Crypto enthusiasts in Nigeria are now waiting on Luno\u2019s reinstatement of the deposit and withdrawal function to know if the CBN has reversed its decision.<\/p>\n

What are your thoughts about this announcement by Luno? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nExchanges, CBN crypto, Central Bank of Nigeria, Cryptocurrency, luno crypto exchange, naira deposits, Regulators<\/p>\n","protected":false},"excerpt":{"rendered":"

One of the African continent\u2019s leading cryptocurrency exchanges, Luno, has told its Nigerian users that it is \u201cin the process of reinstating deposit and withdrawal functions on our platform.\u201d According to an email that was sent to Nigerian users, this reinstatement is expected to happen \u201cin the coming weeks.\u201d Luno Not in Direct Communication With…<\/p>\n","protected":false},"author":0,"featured_media":12262,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12261"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12261"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12261\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12262"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}