Luno CEO Shares Updates on Crypto Trading in Nigeria.

Luno, one of Africa’s largest cryptocurrency company, shares update on the cryptocurrency situation in the country. The CEO, Marcus Swanepoel explains the plan for their 3 million customers in Nigeria. He mention that they are doing their best to ensure trading. An option for people who wants to buy cryptocurrencies is P2P according to him, but he highlighted the security issues associated.

Some of the resolutions put forward according to the CEO are:

• We are negotiating day and night with the relevant stakeholders in Nigeria to get them to collectively work with the government to find a solution that works for everyone. This includes the CBN and other crypto platforms, and allowing people to withdraw is the main priority.

• We’ve intensified our regulatory lobbying, sharing our significant expertise and experience in dealing with regulators around the globe to bring pragmatic regulations to the NG market. This includes the SEC, who have been more positive in the past and even released a position paper in 2020.

• We’ve been working with payment processors to find alternative ways to return naira back to customers.

Mr. Swanepoel encouraged Nigerians to stay calm. He also reminded people of previous challenges the company overcame. Luno’s bank account was frozen by the authorities in February 2017 and was resolved in 4 months. He also mention how regulatory uncertainty in Malaysia resulted in the blocking of customers’ funds for months. This eventually made Luno the only major company operating under that license.