They cannot / should not register new users until theyve upgraded all their old users...some people still cant trade because they havent upgraded their KYC status...

If you are trying to trade and it says currency pair not enabled, it is because you need to accept their new risk warning. You cannot accept their new risk warning until they upgraded your old account.

Out of all the things they could have not done while waiting to be registered by the commission, this was yet another thing. Obviously it tells you they are either incompetent or that they didnt believe they had a future...so why upgrade old accounts

There was an updated Risk Warning issued on October 17th. You have to accept it to have full functionality.

The problem is, not everyone got the update Risk Warning. They need to "update/upgrade" your account. No time lines on how long this takes.

Im pulling all my cash out as soon as this happens.

It's obvious their backend is completely messed up and / or their compliance department is nonexistent.

I think it's slow because they dont want to lose their licence...

Well I just learnt 2 things tonight / this morning.

Everyone on Luno is basically Chinese and/or doesnt really have that much money to blow on Crypto.

Been madly buying...

This post has been edited by maxmillion: Feb 10 2024, 07:38 AM

Small price difference of like RM5k to RM7k on BTC last night / this morning on Luno and wider BTC market.

Everyone obviously on holiday

This post has been edited by maxmillion: Feb 10 2024, 03:10 AM

There's basically no liquidity on Luno for BTC .

RM218,000 right now on Luno. Market value is RM225,000.

Never seen a difference this large. Buyers must be all of Hong Bao giving age.

I've been trading on Luno forever. Usually the spreads arent that large with the broader market. If anything, Luno is often slightly above the market price (USD Price of BTC converted to MYR).

Last night, CNY Eve, bitcoin exploded and I was shocked there was a RM5k differential. I quickly bought up thinking it would close quickly. It usually does. But no, woke up early and the differential had grown to RM7k. Now one could argue that is is coincidental, that such a large gap opened up same time as CNY Eve. The alternate explanation is, the pool of BTC buyers is so small on Luno in MY, that as price rose, people bought along the way. And the funds amongst that pool has been exhausted. Could be. It could be a bunch of whales trading against whales with some retail.

Anyways, I've offloaded and converted to USDT...too dangerous to keep BTC as BTC on Luno. When there's price action, the market cant keep up!

Anyway if anyone wants a ref code, PM me. Im a level 3 on Luno.

This post has been edited by maxmillion: Feb 10 2024, 09:24 AM

There are spreads now because everyone is away. Usually the spread are much smaller or even the other way (i.e. higher than market)

I moved the BTC to my Metamask and did swap to USDT. I couldnt lock in profits. I'll bring the money back when the spreads are the other way again and convert back to RM (USDT -> BTC -> RM)


Edit: If you're new to crypto, do not do what I just did. Just stick to exchange

This post has been edited by maxmillion: Feb 10 2024, 09:32 AM

I pulled all my money from Luno and now on Bybit. There's absolutely no liquidity. If you plan on trading in whole BTC, you basically need to move to another exchange.

As for off-ramping, I used ByBits P2P feature. No fees. Switch crypto to USDT and get bank transfer from local. So far so good. Over RM5X,XXX off-ramped. No issues. The crypto is basically held in escrow until you see funds in bank.