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

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

Yes, exchange asking to provide info for transaction got connection with crypto transfer. No exchange should ask to provide info for doing crypto transfer.

Hello was wondering if I already stake 100% of my existing ETH in Luno and decided to buy extra ETH coins. Will the extra coins automatically staked as well?

Or it will not be staked and sit under the wallet?