South African crypto exchange launches automated withdrawals

South African crypto-exchange cuts trade fees in half

South African cryptocurrency exchange, Luno announced on Wednesday, 23 January 2019 that it has introduced faster and automated withdrawals to its South African customers at no additional charge. This means customers are no longer restricted to daily withdrawal schedules.

South African crypto-exchange cuts trade fees in half

“Luno customers wanting to withdraw their rands on the Luno platform can now count on real-time processing instead of waiting for manual batch payments, which have traditionally taken place twice a day,” says Marius Reitz, Luno GM for Africa.

In particular, Standard Bank account holders will receive their rands within minutes. Customers using other South African banks are able to request withdrawals for immediate processing, which will be subject to the standard processing time required for all inter-bank transactions. Instant payments will soon be added to the Luno platform for non-Standard Bank customers at a low additional fee.

“This service has been launched in response to customer feedback. For us, it is a step towards improving the on- and off-ramps to cryptocurrency. Crypto-to-crypto transfers are instantaneous, but processing delays come into play when customers need to move crypto into traditional fiat accounts. Cryptocurrency traders need a quick, secure and reliable mechanism to withdraw their cryptocurrency. The instant withdrawal and payment feature will support our customers’ requests for faster processing times,” concludes Reitz.

Edited by Jenna Delport

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