Luno halts outgoing crypto transfers, orders cash-out by Aug. 31

Luno blocked outgoing crypto transfers for customers covered by its regional-exit notice on June 29. The company had already disabled deposits, crypto purchases and incoming transfers for the same cohort on June 1. Affected users must sell holdings and withdraw cash to a bank by Aug. 31; wallet access and account services will be closed on Sept. 1.

Luno has not named the affected countries or disclosed how many accounts are covered. Its country-availability page lists Kenya, Nigeria, South Africa, Indonesia and Malaysia as supported and identifies 33 unsupported countries; many locations are not addressed in the notice.

After Aug. 31 standard selling and bank withdrawals will end. Customers who miss the deadline and leave more than the equivalent of $10 can request a manual withdrawal after accounts close, but must contact support and provide verified bank details or a recent bank statement. The company estimates manual payouts will take three to five business days. Manual withdrawals will not restore trading access or normal account functions.

Balances below the equivalent of $10 do not meet Luno’s minimum withdrawal threshold and will be retained after Sept. 1. The notice states remaining funds will incur a $2 monthly inactivity fee starting in September and an additional $50 monthly dormancy fee from December, for total charges of $52 per month while funds remain on the platform. Luno has not clarified whether fee timing or amounts will vary by jurisdiction.

Luno described the exit as a reallocation of resources for core markets in Africa and Southeast Asia. The company did not link the regional exit to insolvency, a security breach or to any specific regulatory order.

Customers covered by the notice lost the option to move crypto off-platform in kind after June 29 and must complete the cash-out process before the late-August deadline to avoid the post-closure restrictions and fees.