Luno is implementing a regional business exit, and some users who have been notified are no longer able to transfer their crypto assets to external wallets or other platforms. According to the current schedule, these accounts will be permanently closed on September 1, with the final deadline for standard bank withdrawals being August 31.
Cryptocurrency assets cannot be withdrawn after June 29.
Starting June 1, Luno restricted functionalities for affected accounts, including disabling deposits, buying crypto, internal transfers, dollar-cost averaging, and placing orders. During a subsequent transition period, users can still sell assets, withdraw funds to their bank accounts, or transfer crypto assets to external addresses.
With the June 29 deadline passed, this withdrawal channel has been closed. For users still holding crypto assets, if they did not withdraw in advance, they can no longer retain their original coins through the standard account process; they can only sell and withdraw their assets before August 31.
Account closure on September 1; fees increase to $52 per month starting December.
Luno states that after August 31, regular sell orders and bank withdrawals will be discontinued, and account access will be terminated starting September 1. Users who have never completed bank account verification for withdrawals must contact customer support, as the commonly used verification deposit process in certain regions has been disabled.
The platform states that users requesting manual withdrawals must provide a bank statement or official bank document issued within the past three months, clearly showing their name and account information. Once the documents are verified, manual withdrawals typically take 3 to 5 business days.
For balances below the equivalent of $10, Luno states that, due to being below the minimum withdrawal threshold, these funds will not be processed through manual withdrawal. After September 1, these amounts will be retained by the platform. Balances above $10 can still be withdrawn manually after account closure, but starting in September, a monthly inactivity fee of $2 will be charged; beginning in December, an additional monthly dormancy fee of $50 will be applied, totaling $52 per month.
The company has not disclosed the affected regions.
Luno stated that this exit is aimed at focusing resources on its core markets in Africa and Southeast Asia. Its official website currently lists supported markets including Kenya, Nigeria, South Africa, Indonesia, and Malaysia, but this list does not directly correspond to the regions being shut down.
The platform also maintains a separate list of 33 unsupported countries and regions, but this account closure notice does not specify any direct connection to that list, regulatory requirements, security incidents, or financial pressures. Therefore, users currently rely primarily on in-account notifications to determine whether they are affected by this arrangement.
This account closure occurred during the company’s restructuring. Luno had previously confirmed plans to reduce its global workforce by approximately 20% and allocate more resources toward institutional business and B2B services. However, the company has not publicly linked the layoffs directly to this round of account closures.
- August 31: Deadline for regular sell orders and bank withdrawals
- September 1: Relevant accounts have been officially closed
- Starting in December: An additional $50 inactivity fee will take effect.