Luno has stopped allowing some users to transfer cryptocurrency to external wallets as the deadline for account closures draws near. Since June 29, clients affected by the exchange’s regional exit can no longer move crypto assets off the platform. Selling holdings and withdrawing fiat to banks remains possible only until August 31.
Restrictions started creeping in as early as June 1, when deposits, purchases, incoming transfers, and recurring orders were disabled for certain accounts. Transfers out were still open until the end of June, but now that window is closed. The affected users must liquidate their crypto and withdraw funds before the last day of August or risk losing access entirely.
Rising Pressure on Affected Luno Users
The exchange has yet to disclose which regions are impacted or how many customers received warnings. Account closures begin September 1, suspending wallets and halting all activity. Customers who haven’t verified bank accounts properly are urged to contact support immediately, as deposits required for verification are no longer accepted. Verification demands a recent bank statement or letter showing account details, delaying manual withdrawals by up to five business days once confirmed.
After accounts close, leftover balances below $1 might incur monthly fees of up to $52, compelling users to act swiftly. The unfolding situation reminds traders of regulatory challenges already impacting crypto platforms worldwide, like those seen in Japan with Bitget’s recent exit amid growing regulations. For Luno users caught in this squeeze, time is running out to secure their assets or face permanent lockout.
This content is for informational purposes and does not constitute financial advice.
