Luno blocks crypto transfers for some users ahead of Sept. 1 account closure

Luno has stopped customers covered by a regional-exit notice from sending crypto to another wallet or exchange, ending the last in-kind exit route before accounts close on Sept. 1. Affected users must sell holdings and withdraw cash to a bank by Aug. 31 if they want to avoid the later manual-withdrawal process. The restrictions began on June 1, when Luno disabled deposits, crypto purchases, incoming transfers, recurring purchases and pending orders. Customers could still sell assets, withdraw to a bank and move crypto elsewhere until June 29, but that transfer window has now closed. Luno has not publicly identified the affected regions or said how many users received the notice. Balances below the equivalent of $10 cannot be processed under the company’s minimum withdrawal threshold and will be retained after closure. Funds above that level remain eligible for manual withdrawal, but Luno says customers must contact support, verify their bank details and expect processing to take three to five business days. The company also says remaining balances will face a $2 monthly inactivity fee from September and an additional $50 dormancy charge from December, bringing the stated monthly cost to $52. Luno says it is withdrawing from the affected markets to focus on core markets across Africa and South East Asia. Its availability page lists Kenya, Nigeria, South Africa, Indonesia and Malaysia as supported markets, while a separate list names 33 unsupported countries and territories. Luno has not linked the regional exits to a regulator, security incident or financial distress.