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 Bitcoin and other Cryptocurrencies, Comprehensive guide on first page.

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jack2
post May 11 2021, 12:31 AM

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So many here are buat pandai pandai to write and comments and never read.
GalaxyV
post May 11 2021, 12:37 AM

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QUOTE(jack2 @ May 11 2021, 12:31 AM)
So many here are buat pandai pandai to write and comments and never read.
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what did you sense it?
andrekua2
post May 11 2021, 12:41 AM

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QUOTE(GalaxyV @ May 11 2021, 12:30 AM)
I think you are not from financial background.

If you are, you should be able to read the keypoint that the hongleong bank claim that the account has incoming fund of 30k which has not been declared to tax and hence, your account is frozen.

That is the recent transaction and how to declare tax now? And it is clearly that the HLB did not know about tax rule

a) incoming fund doesn't mean is your full profit and you must declare 30k as profit
b) they know it is recent transaction and they claimed "you did not declare to tax" >> Key point to think
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Banks don't froze your account without reason. If banks froze your account, it must be instructions from BNM, IRB, Custom etc. This is not an issue with hlb anymore.
!@#$%^
post May 11 2021, 12:45 AM

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anyhow this is not the 1st incident. some others with luno also got love letter from taxman.
latjiu
post May 11 2021, 01:05 AM

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QUOTE(GalaxyV @ May 10 2021, 07:01 PM)
guys, beware of Hong Leong Bank.

My friend received a call from Hon Leong Bank claiming that his account received withdrawals from Luno totaling RM30,000 and he did not declare this income to Lembaga Hasil Dalam Negeri and they are going to freeze his bank account with that reason.

HLB asked him to wait 3 days for the letters from them and LHDN.

It is so weird that why HLB is kepochi to give that reason to freeze the account on the ground that you did not declare to income tax? What they hell they know about the income whether it is reported or no? I think they are just scaring him so they can close the account.

Somemore, the RM30k transactions were received this year and if it is going to declare, it is next year's story and not this year.

Anyway to complain this issue about HLB to BNM?
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is if your friend a trader or investor?
pobox
post May 11 2021, 01:51 AM

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QUOTE(GalaxyV @ May 11 2021, 12:15 AM)
My thought is, HLB used this reason to close the account as they dislike crypto transactions which might be from money laundering activities.
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My gut feeling is your friend's transaction is flagged with the AML/CFT suspicious transaction (it may even be LUNO that has flagged you). There are many reasons how it became suspicious. It's the bank's duty to flag this accordingly and submit the report to BNM. If you have nothing to hide then just let them do their work. You don't have to be upset with the bank "why bank so kepochi?" because it's their duty to catch it. They are obligated to do so.

Some one mentioned Najib's Ambank case. IINM the real issue with Ambank was they did not report the abnormal/suspicious transaction to BNM.

At this stage, LHDN is not in the picture yet. It's between the bank and BNM. The investigation is on whether it's illicit money rather than taxable money.

That's why I am curious on how the bank is telling your friend and what's next?
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post May 11 2021, 01:53 AM

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QUOTE(pobox @ May 11 2021, 01:51 AM)
My gut feeling is your friend's transaction is flagged with the AML/CFT suspicious transaction (it may even be LUNO that has flagged you). There are many reasons how it became suspicious. It's the bank's duty to flag this accordingly and submit the report to BNM. If you have nothing to hide then just let them do their work. You don't have to be upset with the bank "why bank so kepochi?" because it's their duty to catch it. They are obligated to do so.

Some one mentioned Najib's Ambank case. IINM the real issue with Ambank was they did not report the abnormal/suspicious transaction to BNM.

At this stage, LHDN is not in the picture yet. It's between the bank and BNM. The investigation is on whether it's illicit money rather than taxable money.

That's why I am curious on how the bank is telling your friend and what's next?
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the thing is the bank specifically mentioned lhdn
pobox
post May 11 2021, 02:02 AM

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QUOTE(!@#$%^ @ May 11 2021, 01:53 AM)
the thing is the bank specifically mentioned lhdn
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Oh, it was you?

I think LHDN haven't got a clue yet on how to structure the tax criteria for crypto traders / crypto windfall.

The first flag is definitely AML/CFT. It's BNM and PDRM's case first. But when we talk about money laundering, some people's impression is tax evasion.
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post May 11 2021, 02:11 AM

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QUOTE(GalaxyV @ May 10 2021, 07:01 PM)
guys, beware of Hong Leong Bank.

My friend received a call from Hon Leong Bank claiming that his account received withdrawals from Luno totaling RM30,000 and he did not declare this income to Lembaga Hasil Dalam Negeri and they are going to freeze his bank account with that reason.

*
QUOTE(pobox @ May 11 2021, 02:02 AM)
Oh, it was you?

I think LHDN haven't got a clue yet on how to structure the tax criteria for crypto traders / crypto windfall.

The first flag is definitely AML/CFT. It's BNM and PDRM's case first. But when we talk about money laundering, some people's impression is tax evasion.
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no, not me. just based on what he (galaxyV) said.
SmallPenguin
post May 11 2021, 06:36 AM

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Why all good stuff happen in midnight

God damn I love big wick
talexeh
post May 11 2021, 06:36 AM

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Seems like there was a flash crash on almost all coins on Binance just now.
Amaru
post May 11 2021, 06:56 AM

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Yup ETH dropped to $3700 then bounced back.
I think a lot of people converting into SHIB on Binance, may have caused the flash crash.
SmallPenguin
post May 11 2021, 07:01 AM

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hmm

This post has been edited by SmallPenguin: May 11 2021, 07:02 AM
walabies
post May 11 2021, 07:28 AM

Jaben Network.. A headphones store with teddy bears...
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QUOTE(SmallPenguin @ May 11 2021, 06:36 AM)
Why all good stuff happen in midnight

God damn I love big wick
*
Yeah. Unexpected. Missed the party and didn't set any buy orders. 😕
I fomo in XLM just now birdie. 😁
dayamin
post May 11 2021, 07:43 AM

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Pretty sure alot got liquidated just now
andrekua2
post May 11 2021, 07:49 AM

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Wah... 2 days ago I slept at 3am no sale...
Yesterday sleep at 1am suddenly sale.

Dot 32.x
Sushi 12.x
Matic 7x
skywardsword
post May 11 2021, 07:52 AM

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Just before holiday. So all red? Everyone sell all crypto to gift green packet?
SUSlowya
post May 11 2021, 08:09 AM

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i'm surprised no one talk about RLC/USDT which is the current best choice for HODL.

This post has been edited by lowya: May 11 2021, 08:09 AM
andrekua2
post May 11 2021, 08:11 AM

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Bought some matic n sushi.
skyp
post May 11 2021, 08:26 AM

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Market is unpredictable.
Meme token overtaking all good potential coin.
What else we can expect?
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