Luno blocks crypto transfers, forces liquidation by August 31
In brief
- Luno halted outgoing crypto transfers June 29 for affected customers in certain regions.
- Users must liquidate holdings and withdraw cash by August 31 or lose standard account access.
- Remaining balances face $2 monthly fees from September, rising to $52 monthly from December.
Timeline and transfer restrictions
Restrictions began June 1, when Luno disabled deposits, crypto purchases, and incoming transfers for affected customers. Outgoing crypto transfers remained available until June 29, meaning users could move coins off the platform for roughly four weeks. Selling and bank withdrawals stayed open through August 31.
The window is tight. Customers who don't liquidate by that date lose ordinary account access entirely. Luno has not publicly named the affected regions or disclosed how many customers received the notice, making it unclear how many users face the deadline.
Post-closure options and fee structure
After September 1, affected customers can't log in to sell or withdraw normally. Customers who leave more than $10 can seek a manual withdrawal after closure by contacting support and providing verified bank details or a recent bank statement. A completed manual withdrawal takes three to five business days.
But manual withdrawals carry a cost in time and effort. Balances below the equivalent of $10 cannot be processed under Luno's minimum withdrawal threshold, and the company says it will retain those small balances after Sept. 1.
For larger sums left dormant, fees escalate quickly. Remaining funds can face a $2 monthly inactivity fee starting in September. From December, an additional $50 monthly dormancy fee applies for continued storage, raising total monthly charges to $52.
Strategic withdrawal and company rationale
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. The regional-exit guidance was created May 28 and updated July 29, with no public disclosure of what changed between those dates.
