Luno Blocks Crypto Transfers as Account Closures Loom

Luno users in affected regions are running out of time to transfer their cryptocurrency holdings. The exchange, which has been limiting account activity since June 1, has now blocked all crypto transfers before August 31. This means customers can no longer send cryptocurrency to external wallets or platforms.

Those who missed the transfer window will have to sell their holdings and withdraw the fiat proceeds by August 31. After this date, Luno will stop processing ordinary sales and bank withdrawals, and account closures will begin on September 1. Wallet access will also be suspended at this time.

The company has not publicly identified the affected regions or disclosed how many customers received notices. However, it has stated that the move is part of its efforts to focus on core markets in Africa and South East Asia. The exchange's guidance suggests that users who have never verified a withdrawal account should contact support as deposits are already disabled.