Luno has halted all cryptocurrency transfers for users impacted by its recent regional exit, leaving these customers with only a single method to recover their remaining funds as the exchange approaches a broader account closure deadline.
Withdrawal limits and account closure timelines
Customers who received the platform’s closure notification lost the ability to send their digital assets to external wallets or other exchanges after the deadline passed. Now, the only available option is to sell their crypto and withdraw fiat to a linked bank account by August 31. Luno confirmed that accounts failing to complete this process will be shut down on September 1.
The company has not identified the specific countries or exact number of affected users. However, the withdrawal deadlines apply exclusively to those who received an official closure notice. All other customers remain unaffected for now.
Luno began imposing restrictions on these accounts on June 1, including blocking deposits, crypto purchases, incoming transfers, recurring buys and pending orders. While users could still send their crypto to external wallets until June 29, that capability has now ended.
Now, customers who missed the previous transfer deadline must liquidate their holdings and move the proceeds to a verified bank account. After August 31, standard sales and withdrawals will no longer be possible. Access to wallets will also end once accounts officially close on September 1.
Manual withdrawal and inactivity fees
Luno stated that customers without a verified bank account can still contact support to request manual withdrawals. To complete this process, users need to provide a recent bank statement or an official bank letter. Notably, balances under $10 cannot be withdrawn manually due to minimum withdrawal limits and will remain on the platform after closure.
For users with larger balances who do not withdraw in time, new fees will apply starting in September. Luno will charge a $2 monthly inactivity fee, and this will be followed by an additional $50 monthly dormancy fee beginning in December. The total monthly cost will reach $52 for unclaimed funds until the balance is eventually withdrawn.
Users holding balances above $10 may still request manual withdrawals after September 1, but leaving funds on the platform will become costly due to a monthly inactivity fee of $2 and a dormancy charge of $50 starting December.
Luno’s operational shift and regulatory engagement
The exchange has shifted focus toward its core markets across Africa and Southeast Asia but continues to avoid specifying exactly which regions have been affected by the withdrawals and closures. Kenya, Nigeria, South Africa, Indonesia, and Malaysia remain among its currently supported jurisdictions.
Luno’s withdrawal timeline closely follows its recent announcement regarding a 20% reduction in global staff as the company reallocates resources towards institutional and business-to-business operations. The downsizing comes at a time of broader industry changes and increased regulatory attention.
Luno recently joined a select group of crypto firms granted entry into Nigeria’s Accelerated Regulatory Incubation Programme, an initiative overseen by the Securities and Exchange Commission. This move is part of a wider regulatory trend where officials seek to establish more formal oversight for digital asset companies.
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