Luno, the South African cryptocurrency exchange owned by Digital Currency Group, has disabled cryptocurrency transfers to external wallets for customers in several European Union countries as part of its phased withdrawal from the EU market. Users who missed the platform's June 2026 deadline to move their digital assets off the exchange now face a narrow set of options: liquidate their holdings and withdraw fiat to a linked bank account, or risk seeing dormant balances eroded by monthly inactivity fees.

The exchange disabled crypto sends for affected customers on June 29, 2026. Users can no longer transfer digital assets to another exchange or self-custody wallet, leaving them with only one option — sell their crypto and withdraw fiat by August 31, 2026.

Luno announced in early 2026 that it would discontinue services for customers in several EU markets, citing a strategic decision to refocus operations on Africa and Southeast Asia. The exit comes as European crypto firms navigate full implementation of the EU's Markets in Crypto-Assets Regulation (MiCA), which introduced unified licensing and compliance requirements across the bloc and has prompted several exchanges to restructure or scale back their EU operations.

The wind-down began on June 1, 2026, when deposits, crypto purchases, and incoming transfers were disabled. Crypto withdrawals remained available only until June 29, 2026. Luno says it will disable selling and withdrawals by August 31, 2026. Customers who fail to withdraw funds before that deadline will have their accounts closed on September 1, 2026.

Luno said balances exceeding the equivalent of $10 will require manual withdrawal through customer support, and the company reserves the right to charge monthly dormancy fees on funds it continues to hold from September 2026 onward.

The policy has drawn criticism from some users who missed the crypto transfer deadline, as they are effectively forced to sell their holdings rather than move them to another wallet — potentially triggering taxable events or forcing sales at unfavorable market prices.

Luno said users with dual citizenship in a country where it still operates may be eligible to retain access by re-verifying their accounts with documentation from that jurisdiction. Existing rewards and pending referral payouts will also be credited before accounts are closed.

The restructuring comes as South African crypto exchange volume declines. Luno and VALR, which together account for approximately 99% of transaction volume in South Africa, have seen trading activity contract significantly.

https://x.com/BitcoinKE/status/2082708857353015511

— BitKE (@BitcoinKE) July 30, 2026