Luno has started restricting certain cryptocurrency transfers as the exchange prepares to exit selected markets, urging affected customers to move or liquidate their digital assets before key deadlines. According to the company, customers in impacted regions will permanently lose access to their accounts on September 1, making August 31 the final day to withdraw any remaining funds to linked bank accounts.

Restrictions Already in Effect

The phased shutdown has already introduced several limitations. Customers in affected regions can no longer add funds, purchase cryptocurrencies, or receive crypto deposits. The deadline for sending crypto to external wallets has also passed, leaving users with only one remaining option: sell their holdings and withdraw cash before the end of August.

Final Withdrawal Timeline

Luno outlined a structured wind-down process designed to give customers adequate time to move their assets before accounts are closed. Key milestones include:

• Deposits, crypto purchases, and incoming transfers have been disabled.
• Outbound cryptocurrency transfers to external wallets are no longer available after the designated cutoff.
• Customers can still sell eligible crypto holdings and withdraw proceeds to verified bank accounts until August 31.
• Accounts will be permanently closed on September 1.

The company noted that customers who miss the final withdrawal deadline may need to contact support for manual withdrawals, provided their remaining balances exceed the minimum required threshold.

Focus Shifts to Core Markets

Luno, a London-based cryptocurrency exchange operating across more than 40 countries and owned by Digital Currency Group, stated that the decision reflects its strategy to concentrate on core markets. The pullback mirrors a broader industry pattern in which major exchanges, including Binance and Bybit, have exited or scaled back operations in specific jurisdictions over the past two years amid tightening regulatory requirements and rising compliance costs.

The exchange also reminded users that crypto transfers require additional security measures, including a waiting period when outbound transfers are enabled. It advised customers to verify receiving wallet addresses carefully and ensure compatibility with supported blockchain networks before initiating any transfers.

The phased withdrawal process underscores the operational challenges crypto exchanges face as they adjust their geographic footprints in response to evolving regulatory and commercial priorities. For affected users, the remaining weeks before the August 31 deadline represent the last opportunity to convert digital assets into fiat currency and withdraw funds before account access is permanently removed.