Cryptocurrency & Blockchain Business

Nigeria: Luno Exchange talks about security and regulation

Bothered by cryptocurrencies investors limited knowledge in Nigeria, Luno, one of the leading global exchanges with presence in over 40 countries, has disclosed how investors can identify and avoid scams.

Luno’s Country Manager, Owenize Odia while speaking in Lagos during a press conference said: “The Central Bank of Nigeria while presently studying the market to enable it come up with a regulatory framework that will protect every player, Luno will not hesitate to guide present investors against scams.”

She reiterated that Luno welcome regulation of the cryptocurrency space in Nigeria, adding that it is good for the entire market around the world, as it will build trust in both buyers and investors.

Stressing the importance of regulations, she explained that it will also reinforce collaboration in the space, adding that banks will be free to partner with exchanges and other stakeholders for growth of the market.

“We know it would eventually come, hence we self-regulate in order to protect our customers,” she said.

Moreover, she noted that while the CBN position has not affected demand for cryptocurrencies in the market, it may have contributed to poor knowledge of consumers as many investors transact for the profit and not necessarily because they understand how it works.

Odia who urges investors on the need to protect their investment noted that cryptocurrency education would benefit the market because it will ensure people approach it with a knowledge driven mindset.

Lamenting that the market has been awashed with reports of investors falling victims to internet scams, she posited that victims could have avoided them with better equipped information.

Her words: “This is what sets us apart as a virtual currency platform. We have been in operation in Nigeria since 2016. Apart from providing our users with two-factor authentication (2FA) which ensures they are protected, we also take out time to educate them about how to avoid scams.

“There are four different levels of verifications Luno has put in place to protect its varied income-level customers.

“Our company recently reached a milestone of two million customers globally and we have planned some programs targeted at our user-base in Nigeria. “We will announce these programmes soon.”

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