Luno customers covered by the exchange’s regional-exit notice can no longer send cryptocurrency to another wallet or platform.
Summary
- June 29 marked the final date affected Luno users could transfer crypto to external wallets.
- August 31 is the final standard bank withdrawal deadline before affected accounts close September 1.
- $52 in combined monthly fees may apply from December to balances remaining after account closure.
- Luno has not publicly identified the affected regions or disclosed how many customers received notices.
They must sell their holdings before withdrawing cash to a bank by Aug. 31.
The restrictions apply to an undisclosed group of customers whose accounts will close permanently on Sept. 1. As of Aug. 3, Luno had not publicly identified the affected regions or stated how many users received the notice.
Luno crypto transfers ended on June 29
Luno began limiting the affected accounts on June 1. It disabled deposits, crypto purchases, incoming transfers, recurring purchases and pending orders. Customers could still sell assets, withdraw money to a bank and send crypto elsewhere until June 29.
The transfer window has now closed. Users who missed it cannot preserve their holdings by moving the assets through the standard account process. Luno’s guidance says their remaining ordinary option is to sell the crypto and withdraw the fiat proceeds by Aug. 31.
Meanwhile, selling and normal bank withdrawals will stop after Aug. 31, while wallet access will end when accounts close on Sept. 1. Luno advises customers who have never verified a withdrawal account to contact support because deposits, which some regions use for bank verification, are already disabled.
Customers seeking help must provide a bank statement or letter issued within the previous three months. It must show their name and account details. Luno says manual withdrawals after closure usually take three to five business days once the required information has been confirmed.
Remaining balances could face monthly fees
Luno says balances below the equivalent of $10 cannot be processed because of minimum withdrawal thresholds. Under the notice, the company will retain those balances after Sept. 1 rather than placing them into the manual-withdrawal process.
Balances above $10 remain eligible for manual withdrawal after closure, but charges begin in September. Luno says it will impose a $2 monthly inactivity fee. From December, an additional $50 dormancy charge applies, raising the stated monthly cost to $52 while funds remain stored.
Luno still has not named the affected regions
The company says it is withdrawing to “focus on our core markets across Africa and South East Asia.” Its current availability page names Kenya, Nigeria and South Africa as supported African markets, alongside Indonesia and Malaysia in Southeast Asia. The list does not establish which other regions received closure notices.
Luno also maintains a separate list of 33 unsupported countries and territories. However, the regional-exit guidance does not connect the Sept. 1 closures to that list, a regulator, a security incident or financial distress. Customers must therefore rely on direct account notices to determine whether the timetable applies to them.
The withdrawal deadline arrives during a wider company restructuring.As crypto.news reported, Luno confirmed plans on July 28 to cut about 20% of its global workforce while directing more resources toward institutional and business-to-business services. Chief Executive James Lanigan did not disclose the number of positions or regions affected.
The account closures and job cuts should not automatically be treated as the same action. Luno has not publicly linked them. Still, both move narrow parts of its earlier global retail footprint while management concentrates spending on selected markets, infrastructure and professional services.
Luno previously used a country-specific wind-down when it exited Singapore in 2023. In related coverage, crypto.news reported that Singapore customers received a named service-ending date and were told to remove both crypto and local-currency balances. The current notice differs because Luno has not publicly named the regions involved.
The next firm deadlines are Aug. 31 for ordinary sales and bank withdrawals, Sept. 1 for account closure, and December for the additional monthly dormancy fee. Affected users with bank-verification problems must contact Luno before the ordinary withdrawal route closes.
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