Hi bro,

My name is Ross and I am the Community & Education Lead for Luno Malaysia.

I can help to explain this new regulation.

We call this the "Foreign Exchange Notice"
- This is nothing new, it's something that BNM already has implemented in our banking system
- We are just following their regulation and adding it to Luno

Who is NOT AFFECTED by this regulation?

- Basically, if you do not have any loans = Not affected at all
- Also, if you are sending crypto from Luno to other local regulated exchanges = Not affected at all
- If you only have 1 house loan = Not affected at all
- If you only have 1 car loan = Not affected at all
- If you have only 1 house & 1 car loan together = Not affected at all

Who IS AFFECTED by this regulation?

- If you have more than 1 house and car loan combined = Affected
- If you have 1 personal loan = Affected
- If you have 1 business loan = Affected

What happens if you are affected?

- Basically you will have a limit of RM 1 Million per year to send crypto from Luno to any other overseas exchange/Private wallet.
- If you hit the 1 Million per year limit you just need to apply for permission from BNM to transfer more (it can be done from the app)
- Most users still won't be affected by this because very few people transfer more than 1 Million per year unless you are a whale.

Hope this explains it a bit better

If you have any follow up questions just let me know
Happy to answer and clarify

We need more companies' reps to participate in forums.

Hi,
Need help on Withdrawal, obtaining my luno BTC receive address, and Bank acc linking.

I just logged on back to my luno acc after like 4 years. I had sent my id card and selfie photo for the verification when I signed up luno a few yrs ago.

I had made withdrawal before. That was also a few years back.

But now after re-log in, I click Wallet > luno system prompt me to Complete Your Profile > then prompt me enter my phone number > but after enter my phone number > system shows this number already registered > no any other ways to proceed

My account level now is Level 0 .

Anyone know luno Malaysia support email address?

Or is there other ways to fix above issue?
Thx in advance.

You can send Luno Support an email via the link below.

https://www.luno.com/help/en/tickets/new?category_id=30

Luno Malaysia is getting from bad to worse. Currently, Luno Malaysia is tracking sending and receiving crypto. Now, I can't use Luno Malaysia for that. I know is not Luno Malaysia fault. It is Securities Commission Malaysia fault that messing with Luno Malaysia. Always spoil people rice bowls.

Thanks for the tips.
How about credit cards debt? It will be affected?

Just sending effected only right?
If receiving a million per year should not be effected right?

anyone tried withdrawal from Luno recently?

wanted to know when we make withdrawal to bank, do we see deposit from Luno or some Sdn Bhd?

MTRUSTEE BERHAD FOR LUNO MALAYSIA SDN BHD

Hi guys is there anything I can do. This is my situation with Luno scam. Even the inspector inform this is first case like this, so I had to ask here if there is anything I can do

Missing money in luno.

From mid of february, for the 2 weeks i can sign into luno but can't view the wallet . then on the 6th i not able to sign in, it showing email address not exist. later i report to luno but only after 10 days they able to open my luno. The customer service is very slow and couldn't get in touch with directly by phone call. on the 16th manage to sign in and found out the wallet is empty. All the fund is already withdrawn on the 4th march. On 16 i immediately report to luno and they inform will come back to me in 5 working days. on the 18 received a call from luno and they guide to do the 2fa thing but still not able to do it. Till now no any update yet regarding the money lost.

Hello,

I know it's frustrating

But I often share this story with people to help them see a bigger picture

There is 1 thing that's so important that the SC does for the crypto industry = Investor Safety

If you go online you can Google a company called QuadrigaCX
- It was recently part of a chilling Netflix documentary called Trust No One: Hunt for the Crypto King
- TLDR: A guy in Canada started up a crypto exchange with NO license or regulation from regulators
- People invested tons of money and one day the guy disappeared and USD 169 Million was lost

IF there was proper regulation in place, that should not have happened.

Thanks to the SC in Malaysia, they make sure Luno is safe.
They make sure we operate properly, are audited, they even STRESS TEST our system
To make sure that ALL MALAYSIANS can invest safely on our platform.

Regulations can create friction, but the safety they provide for the mass market to enter crypto far outweighs the costs.

Also, if you think about it, all crypto transactions are already trackable on the blockchain
And I can reassure you that all information about your crypto sends/receives are kept privately on Luno

We fiercely protect our customer's private data

Yes, you are correct.

Receiving crypto has no limit

However, do ensure you are receiving crypto from legitimate sources.

Hello,

I'm the Community & Education Lead for Luno MY

Sorry to hear about your issues
Sometimes I can help to investigate and escalate cases like this to my investigation team

However I need to check a few details:

1. Who is this "inspector" you mentioned?

2. How did you report to Luno?
- Was it through our official channels?
- The reason I ask is because sometimes people think they are chatting with the real Luno but actually it's a scammer PRETENDING to be Luno (happens a lot)

3. What is preventing you from activating your 2FA?

If you are comfortable, you can PM me your email address and I can find your case in our system and assist you from there.

Also I would like to remind you that Luno is a regulated platform under the SC
If you want to make a complaint you can always send it to the SC and they will hold Luno accountable.

What you mean with LUNO scam ?

I think the current implementation is very very bad. What you are saying is in a way sugarcoating it.
It's so ridiculous that even receiving have to got the sender exchange information. I think this is to track where user are getting the crypto and then LHDN will knock on the door.

Question if what if we don't fill in the receving information. Do we still able to receive completely and cash out? Or it will be stuck?

Hello,

Actually, this is the exact system all Malaysians have been using for many years
I can give you a simple example:

1. When you transfer money from an MY bank to another bank
2. You have to key in the Bank name & Acct Number
3. In the very next screen you will instantly see the person's full name on that account
4. This is shared so you can identify that the person is the right person you're sending too

When you send or receive money, all this information is tracked and stored in the bank.
Personal data (e.g. full name) is revealed to facilitate these transactions

We have already been using this system for years, now it's just being implemented into Luno.


But in the world of crypto what is lacking is that this system is VERY NEW and hence not all exchanges have implemented it
That is why the process is manual for now.

In the future, once all exchanges have the system in place, I hope to see it become as smooth as and easy as sending money.

However, I have to re-emphasise a SIGNIFICANT difference when it comes to Luno.

1. Luno is NOT a financial institution
2. Luno does NOT report customer private data to LHDN/PDRM/or any other organisations

In other words, Luno is NOT a bank. We are a licensed crypto exchange

Regarding your question:

We require all customers to fill up the sending/receiving information
If you do not fill it up you may encounter issues in the future.

Hi

Credit card debt is not related to this regulation at all
So nothing to worry about there

Luno Malaysia already got Securities Commission Malaysia approval to operate in Malaysia. That already very safe.

Yes, all crypto transactions are already trackable on the blockchain. That I know.

But, for sending and receiving crypto shouldn't need to confirm by filling out the information. Luno Malaysia is already very safe after getting the approval.

Why can't be like any other exchanges, if want to send crypto, just send crypto. If want to receive crypto, just receive crypto. Without needing to confirm by filling out the information.

Why is the hassle needing to confirm by filling out the information since Luno Malaysia is already very safe after getting the approval?

Securities Commission Malaysia really spoils people rice bowls. Securities Commission Malaysia is so bad.

In fact, the current implementation is extremely very very bad.

I also find ridiculous for sending and receiving crypto need to fill out the information. LHDN will knock on the door is very bad and shouldn't be happening.

Securities Commission Malaysia really too much.