Luno has blocked outgoing crypto transfers for customers in its regional exit. They must sell and withdraw cash by Aug 31 or face monthly fees up to $52.
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Crypto platform Luno has stopped customers covered by its regional-exit notice from sending their crypto to another wallet or exchange. With that option closed, the remaining standard route is to sell holdings and withdraw the cash to a bank by Aug. 31. Luno closes the affected accounts on Sept. 1.
Restrictions began June 1, when Luno disabled deposits and crypto purchases. Incoming crypto transfers were also halted. Selling and bank withdrawals remained available until June 29. Outgoing crypto transfers were also available until that date. Customers who missed the June 29 send deadline can no longer preserve their holdings by moving them in kind. They must convert the assets to fiat to use Luno's ordinary bank-withdrawal process.
Luno has not publicly named the affected regions or disclosed how many customers received the notice. A separate country availability page currently lists Kenya, Nigeria, South Africa, Indonesia and Malaysia as supported, along with a list of 33 “unsupported countries.” That leaves hundreds of unaddressed locales. The regional-exit guidance was created May 28 and updated July 29. No public record shows which passages changed.
Balances below the equivalent of $10 cannot be processed under Luno's minimum withdrawal threshold. The company says it will retain those small balances after Sept. 1. Customers who leave more than $10 can seek a manual withdrawal after closure. They must contact support and provide verified bank details or a recent bank statement. Luno says a completed manual withdrawal takes three to five business days.
Manual withdrawals do not extend ordinary account access. Selling and standard bank withdrawals stop after Aug. 31. Wallet access ends the following day. Customers with less than $10 do not qualify for the manual process described in the notice. Those above the threshold must complete the additional verification steps.
Fees kick in at account closure. The notice says remaining funds can face a $2 monthly inactivity fee starting in September. From December, an additional $50 monthly dormancy fee applies for continued storage. The stated charges reach $52 a month while funds remain. Luno has not publicly confirmed whether the exact schedule varies among the unnamed affected jurisdictions.
Luno said it is withdrawing from the affected regions to focus on core markets across Africa and Southeast Asia. The company has not linked the decision to insolvency, a security breach or a specific regulatory order. Customers covered by the notice have already lost the option to leave with crypto. The ordinary cash-out route closes Aug. 31.
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