The cryptocurrency platform Luno is now preventing customers impacted by its regional-exit notice from moving their crypto assets to an external wallet or another exchange. This restriction leaves users with one standard option: they must liquidate their holdings into fiat currency and withdraw the cash to a bank by August 31. Luno will then proceed to close their accounts on September 1.

Phased Restrictions and Deadlines

The latest restriction follows a series of limitations that began on June 1, when Luno first disabled deposits, cryptocurrency purchases, and incoming crypto transfers for the affected user base. While selling assets, withdrawing cash to a bank, and sending crypto to external addresses were initially still possible, the window for outgoing crypto transfers closed on June 29.

Customers who did not meet that deadline lost the ability to retain their assets in their original digital form by moving them elsewhere. Their only recourse through Luno's standard process is to convert their crypto into cash for a bank withdrawal.

Unspecified Regions and Lack of Transparency

Luno has not officially identified the regions affected by this exit or stated the number of customers who received the notification. A "country availability" page on its website currently designates Kenya, Nigeria, South Africa, Indonesia, and Malaysia as supported markets. The page also lists 33 "unsupported countries," which leaves the status of hundreds of other global locations unclarified. The regional-exit guidance itself was first drafted on May 28 and later revised on July 29, but there is no public log detailing what specific information was altered in the update.

Post-Closure Procedures and Fees

After the September 1 account closures, Luno will retain any balances equivalent to less than $10, as this amount is below the company's minimum withdrawal threshold. For customers with remaining balances over $10, a manual withdrawal process is available. To use it, they must contact Luno's support team and submit verified bank details or a recent bank statement. The company states that a completed manual withdrawal will take between three and five business days.

This manual option does not restore normal account functionality. The ability to sell assets and perform standard bank withdrawals ceases after August 31, with all wallet access being terminated the next day. The manual process is not an option for those with less than $10, and those above that amount must complete the extra verification steps.

Starting in September, fees will be levied on funds left in the closed accounts. According to the notice, Luno will charge a $2 monthly inactivity fee. An additional dormancy fee of $50 per month will be applied for continued storage beginning in December, bringing the total potential charges to $52 a month. Luno has not publicly clarified if this fee schedule is uniform across all the unnamed jurisdictions from which it is withdrawing.

Luno's official reason for the withdrawal is a strategic decision to concentrate on its core markets in Africa and Southeast Asia. The company has not attributed this move to insolvency, a security incident, or any particular regulatory mandate. With the option to transfer crypto already gone, affected customers now face an August 31 deadline to cash out before their accounts are closed.