Luno cryptocurrency platform requires sensitive personal information including National Identity Number (NIN) and Date of Birth to deposit and withdraw in local currency from November
Luno announced Monday that Nigerians trading cryptocurrency on its platform will be able to deposit and withdraw in local currency from November. But IT News Nigeria gathered that Nigerians must relinquish sensitive personal data like NIN and Date of Birth to the company to trade in Naira.
“We’re thrilled to announce that deposits and withdrawals in Naira will resume on the Luno platform in November,” Luno told Guardian in an email.
Guardian reports that Luno halted naira deposit and withdrawal for Nigerian cryptocurrency traders in February after the Central Bank of Nigeria (CBN) prohibited cryptocurrency trading.
The ban on cryptocurrency forced changes in the operations of Luno and other Nigerian fintech companies into cryptocurrency trading.
However, Luno disclosed that the withdrawal and depositing of funds for Nigerian users will be done through a third-party platform.
“You will be able to deposit and withdraw funds to and from the Luno platform using vouchers purchased and redeemed through a trusted third party provider,” Luno said.
“We believe that this is the safest and easiest-to-use solution currently available to our customers in Nigeria and look forward to you experiencing it for yourselves.”
“The return of Naira deposits and withdrawals may cause significant price volatility, with the release of pent-up customer demand to buy and sell cryptocurrency causing unusual market behaviour that could last for several weeks,” Luno said.