Luno customers affected by the company’s regional exit plan can no longer transfer cryptocurrency to external wallets or other platforms.
The deadline for crypto transfers was June 29. Users who did not move their assets before that date can no longer withdraw cryptocurrency through the normal process.
Luno has instructed affected customers to sell their crypto holdings and withdraw the cash to a bank account before Aug. 31. After that date, regular selling and bank withdrawals will no longer be available.
The company plans to permanently close the affected accounts on Sept. 1. However, Luno has not publicly revealed which regions are impacted or how many customers received the notice.
The restrictions began on June 1, when Luno disabled deposits, crypto purchases, incoming transfers, recurring purchases, and pending orders for the affected accounts. Customers were still able to sell assets, withdraw cash, and transfer crypto until June 29.
Users who have not yet linked or verified a bank account are being advised to contact Luno’s support team. The company says manual withdrawals may still be possible after account closure, provided customers submit the required banking documents.
Luno also warned that balances below $10 cannot be processed because of minimum withdrawal limits. Those funds will remain with the company after the accounts are closed.
For balances above $10, manual withdrawals may still be available after Sept. 1, but fees will apply. The company plans to charge a $2 monthly inactivity fee starting in September. Beginning in December, an additional $50 monthly dormancy fee will be added, bringing the total monthly charge to $52 for accounts that still hold funds.
Luno said the move is part of its strategy to focus on its core markets in Africa and Southeast Asia. However, the company has not publicly identified the regions affected by the account closures.
The announcement comes as Luno also undergoes broader restructuring. Last month, the company confirmed plans to reduce its global workforce by about 20% as it shifts more attention toward institutional and business-focused services.
For affected customers, the most important deadline is Aug. 31, which is the final day to sell assets and withdraw funds through the standard process before accounts are closed on Sept. 1.
