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.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!
" 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. "