Luno’s additional Proof of Reserves report for extra peace of mind
At Luno your safety is and has always been our top priority. That’s why we’ve released a Proof of Reserves verification report every quarter since 2021, to reassure you your cryptocurrency is exactly where it’s supposed to be.
To give you the peace of mind you deserve ahead of the holiday season, this month we are releasing an additional report based on November 2022 balances.
You will find some small changes in this report. Before we recently discontinued the Luno Savings Wallet, we took steps to ensure that customers could retain access to Savings Wallet funds by bringing all Savings Wallet funds onto the Luno platform. You will notice that one difference to the previous report is that there are no longer “loaned cryptocurrencies” and Mazars have verified that these funds are under Luno’s internal custody.
It’s also important to note that “Proof of Reserves” is now commonly referred to as “Proof of Reserves and Liability”. While we didn’t coin the term, all reports we have released include proof of liabilities. It is not enough to only release the value of assets on hand without the corresponding liability to you.
Our report independently verifies that the cryptocurrency we should have on hand for you is where it should be, but we can always do more. We will continue to do everything we possibly can to be as transparent as possible, so you can be reassured that you’re in safe hands.
Mazars: Luno’s November 2022 Proof of Reserves Report (in a nutshell)
This Proof of Reserves report is carried out by Mazars, a leading international audit, tax and advisory firm. Mazars’ independent report confirms that globally, all customers’ investments are ‘collateralised’. It gives you external validation that Luno has your cryptocurrency on hand as Mazars test the vast majority of these holdings.
This essentially means that they’ve checked that the Bitcoin, Ether and any other cryptocurrencies you see in your Luno Wallet actually exist on-chain or within a custody solution, so you can be sure that your cryptocurrency is always exactly where it should be.
Annual year-end audits
Luno also carries out a full financial year-end audit process with Mazars appointed as the Group’s auditors. The audits provide independent verification that the financial results presented are not materially misstated (auditor and accountant speak for saying that the financial results are reasonably correct). If you need further clarification, check out the Frequently Asked Questions section of our dedicated proof of reserves page.
Luno is proud to be blazing the trail for safe online currency transactions and we believe that by working hand in hand with trusted associations and authorities, we can make cryptocurrency as secure and accessible as it can and should be.
You’re in safe hands.