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 Luno Malaysia, Your experience, reviews, thoughts

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caloyness
post Sep 27 2018, 04:06 PM

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QUOTE(mrluno @ Sep 27 2018, 02:18 PM)
Hi guys,

There is no full license in Malaysia. Hence no exchanges have a "full license." The only guideline from Bank Negara is to register as a "reporting institution," which we are also registered. However, this is very different from a license.

I can't comment on other exchanges' bank accounts. However, some questions can be helpful for customers when considering an exchange:
1. Has that exchange been fully transparent with the bank -- did they honestly tell the bank that they are a Bitcoin/cryptocurrency business?
2. After declaring, did they obtain written approval from the bank?
3. If no, what is the risk that the banks will eventually freeze their accounts too?

Anyhow, regardless of other exchanges' activities -- we will still continue our efforts here in Malaysia until our customers have a way to deposit again.

Hope to have good news soon!
*
interesting, i would like to hear if SINEGY @weichi complies to the following as they claim below. for the benefit of those who are concerned if other exchanges are safe compared to LUNO.

" Before this we were operating our OTC platform and has traded more than USD 16M in 6 months. Additionally we are fully compliant as a reporting institution to BNM. "
Zack_Fair
post Sep 29 2018, 07:02 AM

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I want to buy some ETH can I use luno to buy ?
jack2
post Sep 29 2018, 12:23 PM

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QUOTE(Zack_Fair @ Sep 29 2018, 07:02 AM)
I want to buy some ETH can I use luno to buy ?
*
Luno is no longer able to receive MYR deposit. Unless you buy using btc.
weichi
post Oct 3 2018, 11:32 AM

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QUOTE(caloyness @ Sep 27 2018, 04:06 PM)
interesting, i would like to hear if SINEGY @weichi  complies to the following as they claim below. for the benefit of those who are concerned if other exchanges are safe compared to LUNO.

" Before this we were operating our OTC platform and has traded more than USD 16M in 6 months. Additionally we are fully compliant as a reporting institution to BNM. "
*
Hi! Yes,we first started the firm running our own trading desk to supplement our cash flow prior to the launch of SINEGY-Marketplace. During the inception phase of the company (before BNM announced the sector-6 Reporting Entity status), we were already submitting our development plans to BNM.

However, initially our trading desk comprises of arbitrage trading which did not involve us trading with the public as there were LUNO mainly. Couple of months later due to the unfortunate incident with LUNO, we had to launch our OTC operations which is a hybrid of market-making and arbitrage on telegram and Remitano which then grew into a proper site (rates.sinegy.com). All those happened within 6 months whereby provided liquidity with good spread to most of our customers.


Also to note: public is able to view the policy document on reporting institutions. Rest assured data that is submitted are mostly Metadata which does not involve us divulging personal data of all regular traders.

This post has been edited by weichi: Oct 3 2018, 11:34 AM
jusTinMM
post Oct 6 2018, 04:50 PM

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can i send btc to luno then withdraw rm to my bank account?
jack2
post Oct 6 2018, 10:32 PM

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QUOTE(jusTinMM @ Oct 6 2018, 04:50 PM)
can i send btc to luno then withdraw rm to my bank account?
*
Yes. But the rate is so low. Why u wanna sell over there?
pittyboy
post Oct 13 2018, 03:20 PM

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QUOTE(mrluno @ Sep 27 2018, 02:18 PM)
Hi guys,

There is no full license in Malaysia. Hence no exchanges have a "full license." The only guideline from Bank Negara is to register as a "reporting institution," which we are also registered. However, this is very different from a license.

I can't comment on other exchanges' bank accounts. However, some questions can be helpful for customers when considering an exchange:
1. Has that exchange been fully transparent with the bank -- did they honestly tell the bank that they are a Bitcoin/cryptocurrency business?
2. After declaring, did they obtain written approval from the bank?
3. If no, what is the risk that the banks will eventually freeze their accounts too?

Anyhow, regardless of other exchanges' activities -- we will still continue our efforts here in Malaysia until our customers have a way to deposit again.

Hope to have good news soon!
*
How and where to register as merchant to bank negara?
881118
post Oct 28 2018, 11:17 AM

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luno still cannot deposit?
rickarch
post Nov 9 2018, 02:17 PM

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KUALA LUMPUR: London-based cryptocurrency company Luno has announced plans to open a headquarters in Kuala Lumpur in the first quarter of 2019.

In a statement, the cryptocurrency exchange and wallet operator said it expects to invest more than RM25mil in the Malaysian economy over the next five years and create over 100 high-skilled jobs.

"We believe that the cryptocurrency industry holds tremendous promise for Malaysia and we look forward to helping position Malaysia as the leader of digital revolution in South-East Asia," said David Low, head of Luno Southeast Asia.

Formerly known as BitX, Luno said the plans are in response to the Malaysian government's decision to set up a new regulatory framework to approve and monitor digital coins and token exchanges.

"Luno welcomes this positive news from the forward-thinking government that understands the importance of embracing new, disruptive technologies."

According to Luno, the new headquarters will provide support to customers in Southeast Asia, Europe and Africa as well as serve as an education and training hub.

Luno faced a setback in January this year when its Malaysian bank account was frozen pending an investigation into tax matters.

In its latest status update, it said while customer withdrawals were being processed it is still in talks with banking partners to re-enable deposits.

In April, the company announced that it has been formally registered with Bank Negara Malaysia as a reporting insitution as required by the central bank's policy document on Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Digital Currencies requirement.

SOS

This post has been edited by rickarch: Nov 9 2018, 02:23 PM
mjjj
post Nov 9 2018, 03:06 PM

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QUOTE(jusTinMM @ Oct 6 2018, 04:50 PM)
can i send btc to luno then withdraw rm to my bank account?
*
PM me if you want to sell
Baby1985
post Nov 11 2018, 07:36 PM

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Is LUNO able to deposit from local bank now?
ricky5
post Nov 12 2018, 05:57 PM

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sell at *Remitano*

frey_zero
post Nov 22 2018, 04:36 PM

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buy BTC from LUNO Europe and Sell in reminato. dont forget deposit only freeze in malaysia.
jack2
post Nov 24 2018, 10:34 PM

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QUOTE(frey_zero @ Nov 22 2018, 04:36 PM)
buy BTC from LUNO Europe and Sell in reminato. dont forget deposit only freeze in malaysia.
*
dont think is possible

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davidletterboyz
post Nov 25 2018, 12:04 PM

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QUOTE(jusTinMM @ Oct 6 2018, 04:50 PM)
can i send btc to luno then withdraw rm to my bank account?
*
It's damn low bro...

QUOTE(frey_zero @ Nov 22 2018, 04:36 PM)
buy BTC from LUNO Europe and Sell in reminato. dont forget deposit only freeze in malaysia.
*
U have bank account in Europe?

This post has been edited by davidletterboyz: Nov 25 2018, 12:08 PM
wilson1stop
post Nov 28 2018, 09:32 AM

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Can we deposit MYR to luno now?
ShinG3e
post Dec 7 2018, 11:28 AM

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QUOTE(davidletterboyz @ Nov 25 2018, 12:04 PM)
It's damn low bro...
U have bank account in Europe?
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transferwise ada free EUR account for u
davidletterboyz
post Dec 7 2018, 11:33 AM

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QUOTE(ShinG3e @ Dec 7 2018, 11:28 AM)
transferwise ada free EUR account for u
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But the problem is, only Msia exchange price is low. You buy from Europe also similar as market price. No? confused.gif
ShinG3e
post Dec 7 2018, 11:57 AM

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QUOTE(davidletterboyz @ Dec 7 2018, 11:33 AM)
But the problem is, only Msia exchange price is low. You buy from Europe also similar as market price. No?  confused.gif
*
Msia hodl power not strong. weak hands. abit2 throw sell at any price. tongue.gif
davidletterboyz
post Dec 7 2018, 12:10 PM

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QUOTE(ShinG3e @ Dec 7 2018, 11:57 AM)
Msia hodl power not strong. weak hands. abit2 throw sell at any price.  tongue.gif
*
That's not the issue I think. The issue is no incoming fund due to Luno Maybank account get blocked = no buy = price will not increase.

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