Luno Deadline Looms for Exiting Customers

Crypto exchange Luno has disabled outgoing crypto transfers for customers in specific regions. This change prevents users from moving their assets to other wallets or exchanges. Users affected by the regional exit notice now have only one primary option to reclaim their holdings. They must sell their digital assets for fiat currency and withdraw the cash to their bank accounts before August 31.

After August 31, the standard withdrawal window closes and Luno will formally shut down those accounts on September 1. Any funds left in these accounts after the deadline are subject to new costs. Starting in September, inactive accounts will incur a 2 dollar monthly fee. By December, the company will apply an additional 50 dollar monthly dormancy fee, bringing the total cost to 52 dollars per month.

There are specific rules for small balances. Accounts holding less than 10 dollars do not qualify for manual withdrawal processes after the account closes, meaning those funds could be lost. For balances above 10 dollars, customers must go through a manual verification process with Luno support to request their money, which can take several business days to process.

Luno states these closures are part of a strategic shift to focus on core markets in Africa and Southeast Asia. The company maintains that the move is not related to insolvency or security issues. Affected users should check their account status immediately to avoid unnecessary fees or the loss of their digital holdings.