Crypto Exchange Luno Is Blocking Transfers for Some Users — And Monthly Fees Will Start Draining Their Accounts If They Don't Cash Out

WHY IT MATTERS

Imagine putting your money in a bank, and then the bank tells you that you can't transfer it to another bank — you can only withdraw it as cash, and if you don't do it by a certain date, they'll start charging you monthly fees that shrink your balance. That's essentially what's happening here with Luno, a crypto exchange. When you keep your crypto on an exchange, you're trusting that company to let you access it whenever you want. This situation is a real-world example of why many crypto experts recommend 'self-custody' — holding your own crypto in a personal wallet where no company can restrict your access. It's a reminder that convenience comes with trade-offs, and understanding who actually controls your assets is one of the most important lessons in crypto.