Steps on how to apply for a Luno Business account

How to apply for a Luno Business account: Looking for the guidelines on how to apply for a Luno Business account? If yes, we’ll be showing in this post all you need do to create your Luno business account without stress. The procedure is simple and easy. All that is required of you is to follow it with keen attention. 

Happy reading…Luno primary goal is to make it easy for individuals from its supported countries to buy, sell and learn about digital currencies like Bitcoin and Ethereum. Luno is a consumer-focused company.

Read also: 3 Steps to add money to your Luno wallet

There has, however, been an increase in interest in Bitcoin not just from individuals, but also from businesses, who want to buy, sell, trade or store digital currencies like Bitcoin and Ethereum. Luno will, on a case-by-case basis, allow legal entities to open Business accounts with Luno. 

A Luno Business account will allow you to deposit your local currency only from your legal entity’s bank account to Luno and use those funds to buy, sell or trade digital currency. 

You can also integrate with the Luno API to build digital currency features into your platform. Before applying, please note the broad categories of businesses below and some notes for each category.

Business categories 
1. Businesses and service providers that want to allow their customers to pay them in Bitcoin or Ethereum for their goods and services.
There are dedicated businesses that offer this service with dedicated e-commerce shopping carts, invoicing, donations and point-of-sale integration with real-time exchange rate updating, automatic conversion into hundreds of local currencies and other advanced selling features.

2. Financial institutions and other businesses that want to use Luno to buy, sell, trade or store third-party funds (on behalf of the entity’s customers).
The regulatory requirements to act as a broker are extremely stringent and you would need to prove to us that you are licensed to provide the service(s) in the country and currency of operation, and provide detailed information on your AML, ATF and KYC policies.

Luno will undertake comprehensive business viability and risk assessments before approving any such applications.

3. Businesses involved in Bitcoin mining that wish to sell the proceeds of digital currency mining on Luno. Luno may require applicants to provide proof of mining activity.

4. Businesses that want to use Luno to buy, sell, store or trade digital currencies using the entity’s own funds. Luno encourages these customers to simply trade in their personal capacity. Luno will approve certain applications that are low risk with a high business viability. Proof of funds and documentation supporting high volume activity may be requested.

5. Businesses that need to pay invoices (pay for products or pay for services) using digital currency. Luno will consider these applications on a case-by-case basis.

6. Businesses involved in crowdfunding, token sales or an ICO that want to sell the funds raised. Luno will consider these applications on a case-by-case basis.

7. Any other business activity not listed above
Luno will consider these applications on a case-by-case basis.

Important notes 
– Luno reserves the right to reject any application at its sole discretion
– The process of opening a Business account can be lengthy as we are required to conduct a risk and business viability assessment on all applicants
– The email address used to open your Business account will be used for all further communication; Luno will not be able to assist you should you contact them from any other email address
– Your Luno Wallet will only be credited with local currency deposits made from your legal entity’s bank account and withdrawals will only be processed to that bank account. Third-party withdrawals and deposits are not allowed
– You can only receive local currency deposits and process withdrawals in the business’ local currency
– The fees on Luno Business accounts are the same as for Luno individual accounts

How to apply for a Luno Business account 
To apply for Luno Business account, do the following;
1. Sign up with Luno using your business email address
2. Complete the Luno Business account application form
3. Luno Compliance team will review your application
4. If your application is successful, a representative will contact you with a request for the required documents
5. If all of your documents pass inspection, you will be notified of your Business account approval