QUOTE(dirkgently75 @ Feb 8 2018, 01:57 AM)
I agree that they'd want to continue biz, but Luno messed up-whether it be lack of due diligence or not paying their taxes or not appointing the correct legal advice or not following procedure or whatever else they were doing in the background. At the least, they didn't plan for, nor calculate nor mitigate for the potential disruption, let alone be in a position to address the Malaysian community concerns. Companies like this make hay while profiting but have little regard for the public trust. But what is clear is they held people's cash hostage by:
1. the inflated market price (so, can't buy BTC with deposited cash, or be forced to buy at 30-50% higher rate as penalty for withdrawing from the exchange)
2. blocking withdrawals (they could've had alternatives in place - this is not a small mom n'pop store - see their website and history, they're a global business)
3. misdirecting and/or withholding information from their customers - people who placed their trust in them - so the customers couldn't make informed decisions (no need to look further than 'kimberly's' lack of answers previously and their pathetic blog posts)
IF Malaysia is such an important market, IF they really want to show commitment to this community, I challenge Luno to affect restitution for the investors that had to incur loss or opportunity cost due to their callousness.
I don't want to defend Luno but I think you are way out of order here. The fact that you are quoting yourself is a little strange too.
1) Price is controlled by the whales not the exchange, nothing to do with Luno and EVERYTHING to do with those that had high volume of coins in the MYR exchange and could play the market.
2) Wrong! if it was so easy to do that then try opening a Coindesk account from outside of the US without a US bank account! Plus it is clearly stated in their site and EVERYONE knows this limitation when setting up an account. You can't cry fowl of this, that is willingly ignorant on your behalf. You know you could use LocalBitcoin to trade with less regulation but also higher fees. It's the price you pay for trading in a decentralised market on a centralised exchange.
3) I don't think that is fair, this level of feed back is better than almost any Malaysian company, they have no obligation to keep us up to data but they have been doing so. Sure the situation sucks but they haven't said you can start depositing and withdrawing.
Clearly you've lost money and are hurting, that sucks and I feel for you, I really do...you need to learn form this and have a plan B and C in place so it can't happen again and I really think you need to research more on how this crypto trading works.