Luno blocks crypto transfers for some users, leaving a late August cash-out deadline before monthly fees hit
Luno has barred customers covered by its regional-exit notice from transferring crypto to another wallet or exchange. Their only remaining standard option is to sell holdings and withdraw cash to a bank before Aug. 31, after which accounts close on Sept. 1. The restrictions began June 1 with deposits, crypto purchases, and incoming transfers disabled. Outgoing crypto transfers ended June 29, so affected users can no longer preserve assets in kind. Small balances below the equivalent of $10 cannot be withdrawn and will be retained by Luno after closure. Balances above that can be manually withdrawn after account closure, but only by contacting support and submitting verified bank details or a recent bank statement. Luno has not identified the affected regions or customer count. It says it is exiting these markets to focus on core markets in Africa and Southeast Asia, without citing insolvency, a breach, or a specific regulatory order. Remaining funds may face a $2 monthly inactivity fee starting in September, rising to $52 monthly from December if still held.
