Luno Extends footprint in South Africa, Secures Operational License
2 min read
London-based crypto exchange, Luno, has expanded its global reach to South Africa, after it the secured an operational license. The license approval from the Financial Sector Conduct Authority (FSCA) enables the crypto exchange to bolster its customer service offerings in the region and legally offer its products and services in the local market.
Sharing the news on X (formerly Twitter), the company said it is the first dedicated digital assets trading platform in South Africa to obtain its Financial Services Provider license.
Since its inception in 2013, Luno has been at the forefront of offering innovative solutions for trading cryptocurrency assets. Operating across more than 40 countries worldwide, including Africa, Europe, and Southeast Asia, the company has established itself as a global player in the crypto market.
However, with its recent licensing acquisition, Luno can now delve into and serve the South African market while ensuring compliance with local regulatory standards.
In an official statement accompanying the social media post on X, the company highlighted that the license falls under South Africa’s Financial Advisory and Intermediary Services Act (FAIS). This legislation, established in 2002, regulates the provision of specific financial advisory and intermediary services to South African citizens.
Speaking on its recent license approval, the company’s regional manager Christo de Wit described the license acquisition as a positive step for the people of South Africa and the digital assets space.
He said,
“This is a positive step for both the crypto-currency industry and South Africans. Compliance, safety and security for our customers has driven our growth from the beginning and will continue to be priorities as we expand our offering to introduce more features and products for financial institutions”.
The London-based company was among the digital asset firms that submitted applications to the FSCA after the financial watchdog announced it was ready to accept licensing applications in June 2023.
