I hear that cryptokitties is slowing down Ethereum transactions worldwide.
https://www.coindesk.com/cat-fight-ethereum...ties-congestion

What other platforms do you use? Mind sharing?

I thought CIMB just does interbank transfer to their Maybank account anyway.

Their CIMB service actually does interbank transfer to their Maybank accounts.

So no.

I don't think we can blame Luno or their staff for the withdrawals issue. I'm sure Luno also wants the situation resolved since they are losing Malaysian customers. The situation depends mostly on how fast and willing IRB/BNM/Maybank are willing to unfreeze the accounts. Governments all around the world are trying to control or limit what exchanges can do. They also definitely want to invade our privacy in order to see who buys crypto.

Don't blame Luno. Blame our dear IRB/LHDN trying to stick their nosy eyeballs into customer details.
Luno still works fine in other countries.
I suggest instead of trying to withdraw in RM, cancel it, convert back to BTC/ETH and transfer it out.

Even if you think Luno is lying, there is definitely something outside Luno's control because Coinhako also stopped Malaysian deposits..

I don't think it's just a company-level tax decision because even Remitano has just made KYC mandatory for all Malaysian p2p trades. They don't have a bank account for customers to deposit, so why the new KYC policy? Because the IRB wants to know who's buying crypto even for p2p trades.

This post has been edited by Andrew Lim: Jan 24 2018, 03:14 PM

The draft is pretty new, came out around a month ago. Which is around when the Luno accounts were frozen.
As mentioned in their status update, they are trying to protect customers by not giving up all their KYC information to the IRB.
Which is a good thing if you're a supporter of personal privacy. Not so good if you're the taxman.

This post has been edited by Andrew Lim: Jan 24 2018, 09:39 PM

As weichi mentioned, directly trading on p2p platforms are probably your most easiest options right now.
Not as convenient as directly selling to an exchange I know though...

I don't think so. Otherwise they would have done it in other countries too. Losing 1 month of business from loss of trade fees doesn't sound like a good plan anyway.

I also believe them because Remitano Malaysia also now requires all Malaysian trades to have verified buyers.

It's not only Luno. Coinhako also stopped MYR deposits. And Remitano enabled KYC for Malaysian buyers.
All of this is happening due to BNM's new anti-money laundering document in December.

See the statement in the document below. They are not interested in Luno's taxes. They are interested in the taxes of customers (i.e. YOURS). Why? Because it is possible many are using Luno/Coinhako for money laundering.



This post has been edited by Andrew Lim: Feb 8 2018, 05:05 PM

Coinhako was able to take precautionary steps because the Monetary Authority of Singapore closed their Singapore DBS accounts in September 2017. They already knew what to expect with IRB.

This was Coinhako's announcement when it happened: "Closure of our SGD bank account. Transition to Xfers. Do note that business is as per normal, just that we will not be able to process SGD via a bank account. How we are dealing with the situation Rest assured that your funds are safe, and this SGD suspension is a temporary issue."

Sound familiar?

Fact of the matter is Coinhako disabled MYR deposits. Coinhako is a multinational. Events in one geographic location can affect their operations in another. Not to mention BNM/MAS work closely when it comes to money laundering.

LHDN Corporate Tax Brochure
LHDN e-Commerce Tax Brochure
Guidelines on Taxation of Electronic Commerce

Here's the ICA 1967. As you can see from the section under Wilful Evasion, IRB is allowed to investigate any account that may be used by 3rd parties for tax evasion. IRB is interested people evading taxes using Luno. The timing of the freezing coincides with the Release Draft of BNM's new cryptocurrency regulations.

Trying to sell in exchange for what? Another crypto?

I'm not a Luno user, but according to this post, you can't trade crypto for crypto in Malaysia using Luno.

Just curious, since their Ambank account is suspended, when they withdraw MYR to your account, which bank is it from?

Did Luno say they'll support ETHW distribution?

Normally you need the private key of your ETH wallet to accessthe ETHW funds