Luno Blocks Crypto Transfers for Affected Users Amid Regional Exit

Crypto platform Luno has restricted outgoing crypto transfers for customers in certain regions, leaving them without an option to preserve their holdings by moving them in kind. The restrictions began on June 1, when Luno disabled deposits, crypto purchases, and incoming crypto for affected customers. However, selling, bank withdrawals, and outgoing crypto transfers were still available until June 29.

After that date, customers must sell their holdings and withdraw the cash to a bank by August 31 before Luno closes their accounts on September 1. Those who miss this deadline will face rising costs, including a $2 monthly inactivity fee starting in September and an additional $50 monthly dormancy fee from December, totaling up to $52.

Luno has not publicly named the affected regions or disclosed how many customers received the notice. The company is withdrawing from these regions to focus on core markets across Africa and Southeast Asia.