That's the purpose of Crypto in the first place.
Sending will need to put in details i agree. But receiving. In banking does the receiver ever need to even fill in anything? I don't think so.

Anyway, I am just complaining. And i know it won't change anything.

1. bank is not as transparent as blockchain. you can see everyone's asset in blockchain.
2. you only need to identify one address belongs to that someone to rob/hack or target him/her

it is very dangerous for anyone to use cefi as you will become very exposed. It should not be implemented in the first place because we are using crypto due of lack of trust to current financial system.

numbers and letters dont lie, you just need to make sure you are sending it to the right place. blockchain supposed to be a trustless concept, therefore personal data isnt and shouldnt involved in any stage of the transaction or block processing.

1. Luno is NOT a financial institution -agreed
2. Luno does NOT report customer private data to LHDN/PDRM/or any other organisations <- if you comply to regulations, all they need is proper documents to knock on your door to open your books. it really isnt that hard to get those papers.

what you guys need is to accelerate web3 implementation to be able to "protect" your clients not the other way round.
it is a dangerous attempt if the said data is being used against that particular individual.

Exactly. Luno is NOT a bank and Luno is NOT a financial institution.
So why accept changing your practices to a bank/financial institution.

Its one thing implementing it when the SC requires you to in order to maintain your license, but don't take the stand that Luno asking the Malaysia crypto community to abandon some fundamentals of crypto which is to be permissionless as something good for them. Adding hurdles and negatively impacting user experience and ease of use is not good for any business.

Actively comparing to a bank lowers user's trust on Luno as a crypto institution when you then say you are not a bank.

How can people lose trust in an exchange when it has proper regulation? If you don't want to be totally anonymous then you have to maintain your own wallet to hide your identity. This is the requirements to operate in Malaysia with the convenience of working with Malaysian banks. Forex don't even get this chance as the SC made the framework for crypto before forex.

LUNO is operating as a proper exchange and not for people to launder money through them. They don't need that kind of business.

Never tried opening a cds account?

1. The polis officer when doing report

2. Yes through the app

3. Not sure. But after money gone then they call back to do the 2FA again and this this it was successful

Yes, next we going to SC..bank negara is no use since they inform amount lose is more than RM5K, SO they cant help.

Well the suddenly the money is gone and i not able to contact luno easily.
And now they not able to help. Its a large amount of money for us and im just angry.
felt like got scammed

did you setup security? like 2fa and also finger print scan ?

you can check the transactions performed by the scammer ?

and did you receive any notifications when money/crypto is withdrawn ?

did you setup security? like 2fa and also finger print scan ?
Couldnt do the 2FA, got some error. Then the account suddenly cant be accessed.



you can check the transactions performed by the scammer ?
Yes can after we retrieve back the account


and did you receive any notifications when money/crypto is withdrawn ?
Nope because the account itself is gone. So didnt get any info

PS: im using Iphone, so i believe not easily hack

This post has been edited by Aghi: Nov 7 2022, 11:39 PM

well, feel sorry for you.

either your phone or email got hacked.

it's a common misconception that people think using iphone means more secure.

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

Their 2FA only supports authentication app ..

We need 2FA using SMS also.

This post has been edited by Natsukashii: Nov 9 2022, 03:45 PM

just keep an eye on any updates on luno

To answer your point about Receivers not needing to declare anything

Yes, correct. Because banks already have a good system for this.

In crypto however, the system is only now being implemented so of course it may not be as smooth as what banks have

The point is that as we continue to grow and improve, the processes have a chance to improve and get more and more seamless.

Hopefully one day to the point you won't even notice it's there

Hello

1. My reply was to someone who was asking regarding the Travel Rule regulation

2. But your reply is dealing with tranparency/blockchain/etc.
- This is not related to the Travel Rule regulation that my reply is addressing

Nevertheless I am happy to address some of your points

a) People who use properly regulated CeFi exchanges are not exposed. For example at Luno we strictly practice PDPA and hence all your personal information is kept private.
- This therefore ensures that you are not exposed.

b) Luno is not a blockchain or a Web3
- Often times people believe just because a platform offers crypto that automatically means it must be decentralised
- I can give you an example, pretty much everyone who accesses crypto must access it through an internet provider
- But internet providers are centralised right? On one hand the blockchain was indeed made to provide a trustless system, but in the end we often rely on centralised systems to allow us to access the blockchain easily

Luno is exactly like this, we are not a blockchain, we are a crypto exchange which allows people to buy/sell/trade in cryptocurrency safely.
We also allow people to buy & sell crypto directly into RM

Ringgit Malaysia is a centralised currency which comes from banks
In order for Luno to allow users to use their centralised currency to buy crypto we must be able to bridge the gap in between centralised and decentralised.

c) You said it's not hard to get "papers" for LHDN to come knocking
- Actually this is NOT TRUE
- You can google a recent case of Genting Highlands vs LHDN.
- LHDN asked Genting to give customer information BUT Genting Highlands refused
- Guess who won the case? = Genting!

It is a common misconception among people that LDHN can simply just ask for information and get it
I am happy to reassure you this is NOT the case.

Luno protects customer privacy and data

I hope my answers have provided more clarity to you regarding 2 things:
a) The role of Luno as a platform to allow people to get access to crypto, especially in the safest and fastest way possible with RM.
b) The fact that Luno strictly protects customer data privacy

If you have further questions I am always happy to answer

Hello

We’d like to reassure everyone that Luno Malaysia’s operations are not impacted by the recent announcement by Genesis Capital (Genesis’ lending arm).

1) If you can kindly go onto Twitter you can read a statement from our CEO, @marcswane
(I apologise I am unable to share the link as LowYat doesn't let me share links yet)


2) There is also a blog update to reassure that all LUNO customer funds are safe.
- Please go to Google and type "An update on Luno’s Savings Wallet" and you should be able to find it


Additionally, the Savings Wallet has never been operating in MY.

And FTXUS is not impacted by FTX until the last minute.

Blockfi is perfectly fine until the last minute.

Centralised Finance incl Luno is opaque and will be fine until they suddenly halt withdrawals.

Not your keys, not your coins. Do your trade on these centralised exchanges and withdraw everything as soon as you are done.

Our cryptos are pure liabilities for Luno anyway, if they are do everything right by the book.

How long luno could sustain without funding and support from dcg? Weeks or days?

How much of luno customers crypto is lended to genesis or related companies in dcg?

Will luno kena hack next?

This post has been edited by icemanfx: Nov 17 2022, 08:26 AM

Funds definitely not SAFU - but with Sifu instead. Recommend to withdraw from Luno; not your keys not your coins.

Contagion effect from FTX is a real risk - why risk it?

NFA just my 2 cents!

Luno is bad ? Malaysia can access binance right ? So coinbase is safe or not ?