Crypto platform Luno has stopped customers covered by its regional-exit notice from sending their crypto to another wallet or exchange, leaving a sell-and-withdraw route as their remaining option before an end-of-month deadline.
With outgoing crypto transfers now blocked, affected customers must sell their holdings and withdraw the cash to a bank account by Aug. 31. Luno plans to close these accounts on Sept. 1.
Timeline of Restrictions
- June 1: Luno disabled deposits, crypto purchases and incoming crypto transfers for affected customers.
- Until June 29: Selling, bank withdrawals and outgoing crypto transfers remained available.
- After June 29: Customers who missed the send deadline can no longer move their holdings in kind to preserve them as crypto.
- By Aug. 31: Remaining customers must convert assets to fiat and withdraw via Luno's standard bank-withdrawal process.
- Sept. 1: Luno closes the affected accounts.
Customers who missed the June 29 deadline for sending crypto out must now convert their assets to fiat currency to use Luno's ordinary bank-withdrawal process, as in-kind transfers of holdings are no longer possible for this group.
