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Luno halts outgoing crypto transfers for some users, forces cash-out by Aug. 31

Luno says affected customers must sell and withdraw cash by Aug. 31, then face a $2 monthly inactivity fee starting in September, with storage charges that can rise to $52 a month from December.

Reported · Written up by our desk · Market Structure

Crypto platform Luno has stopped certain customers, covered by its regional exit notice, from sending their crypto to another wallet or exchange, leaving sale and bank withdrawal as the standard option.

For those affected users, Luno disabled deposits, crypto purchases, and incoming crypto starting June 1. Outgoing crypto transfers and selling remained available until June 29, and Luno says standard bank withdrawals must be completed by Aug. 31 before accounts close on Sept. 1.

After the closure date, customers who do not move their holdings in time cannot preserve assets in kind and must convert to fiat to use the ordinary bank-withdrawal process. Luno also flags a minimum withdrawal threshold, noting balances below the equivalent of $10 cannot be processed through the standard flow.

Luno says remaining funds may face a $2 monthly inactivity fee starting in September, and from December an additional $50 monthly dormancy fee could apply for continued storage, bringing the stated charges to $52 a month. The company has not publicly named the affected regions or the number of impacted customers, and it did not link the exit decision to insolvency, a security breach, or a specific regulatory order, according to CryptoSlate.

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