Luno Blocks EU Crypto Transfers as Exchange Winds Down Local Operations

South African cryptocurrency exchange Luno has suspended crypto transfers to external wallets in several European countries. The exchange announced that customers who missed its June deadline to transfer their assets must now liquidate them before it shuts down local operations or risk seeing dormant balances eroded by monthly inactivity fees.

As part of a phased withdrawal from the European Union, Luno disabled crypto sends for affected customers on June 29. Customers can no longer transfer digital assets to another exchange or self-custody wallet, leaving them with only one option: sell their crypto and withdraw fiat to a linked bank account by August 31.

Luno announced in early 2026 that it would discontinue services for customers in several EU markets citing a strategic decision to refocus on Africa and Southeast Asia. The exchange said users with dual citizenship in a country where it still operates may be eligible to retain access by re-verifying their accounts with documentation from that jurisdiction.

The policy has drawn criticism from some users who argue those who missed the crypto transfer deadline are effectively forced to sell their holdings rather than move them to another wallet, potentially triggering taxable events or forcing sales at unfavorable market prices.