Luno is transferring via a local company that is registered with the local securities commission. Why would PBE ban the account? Post that link here.

Luno does not just send money from any account. It goes through MTrustee Bhd via Ambank as their chosen bank via IBG. That's what it shows in my Maybank account. It's not breaking any rules for bank to bank transfer in Malaysia. So unlikely that it will be flagged. I haven't gone back to read this few hundred pages but I'm sure if any accounts got banned for accepting money from Mtrustee Bhd Luno would have been listed in this thread and not in Binance thread.

Not treat Malaysian's like bozo. This is due to Syariah compliance.

It is syariah compliant because it is trading. That is the reason why for Malaysian market it cannot earn interest as that would not be syariah compliant.

https://www.theedgemarkets.com/article/sc-s...s-says-chairman

There won't be staking as Luno Malaysia is syariah compliant.

If you are looking at the market charts, that is not the exchange rates. BTC/MYR is against local Malaysia market price and is not converted from BTC/USDC. If you take the 2 charts and compare, there is some co-relation but they are not exact conversion and there are some deviation. The BTC/MYR rates depends on what the local exchange is willing to set the BUY/SELL prices in LUNO Malaysia.

You still don't get it. You are not buying/selling spot prices with LUNO. You are buying against seller in LUNO's exchange in MYR. The LUNO exchange is where everyone sets their buy/sell price just like Stock Exchange. That is why it is called an Exchange. You are confusing with buying/selling FOREX where you deal directly with the broker and not another person who is also buying/selling.

Just look at LUNO's exchange and on the right column you can see the Order Book. Those are the prices and quantity that people are offering to buy and sell in LUNO exchange in MYR. There is no exchange rate to BTC.


Go and read the article below on Binance own Exchange where BTC price plunged 87% to USD 8k on Oct21 but you don't see actual SPOT price of BTC making this move. It all happened within Binance's own Exchange. This is how LUNO's exchange operates too.

https://www.straitstimes.com/business/banki...o-algorithm-bug

This post has been edited by sleepwalker: Nov 13 2021, 08:08 AM

Luno Malaysia only supports Crypto/Fiat pairs in MYR at the moment. It does not support Crypto/Crypto pairs yet like other countries. Very likely due to restrictions put upon by the Malaysian SC.

https://www.luno.com/en/countries/MY


This post has been edited by sleepwalker: Jan 6 2022, 06:14 PM

I don't see why not. There is a even a bid for 99 ETH in the Malaysian Luno market at the time I took this screenshot a few minutes ago.

This is only if you don't want to wait for bids for your sale. The 2% is the price you pay is the risk Luno takes to instantly fulfil your order.

Go to the exchange and make your sale there instead of selling directly from your wallet.

Banks only call you when the funds come from dubious sources. LUNO is regulated by Malaysian SC and they are not going to be bothered unless you transfer millions of bitcoin from another country into LUNO and then sell it there and transfer the money to your bank account. This is where LUNO will keep an eye out for as part of their regulations. If you transfer 200K to LUNO, make 50% profit and transfer 300K back to your bank, LUNO is not going to report as a suspicious transaction since they know you made your money in LUNO and not laundering it.

LUNO Malaysia is approved my Malaysian Securities commission as a Digital Exchange. You transfer money there, make money and transfer back to your account will not be questioned by the authorities. They are not going to report you either because that is not their job unless they suspect dubious transfers from out of Malaysia.

Not from Luno because they already know where you are transferring from. It's the same as transferring money to a Malaysian Broker to buy shares in Bursa Malaysia and back. Nobody is going to question that.

Unless you are transferring in the millions that raise a red flag as a possible money laundering, the answer is no. LUNO Malaysia is a Malaysian company and a proper Digital Exchange. Not P2P. THey hold billions of ringgit in assets held by Malaysians. The moment you transfer to LUNO they already know it belongs to you as LUNO's exchange wallet is tied to your IC number. You don't even need to cash out but they are not going to care unless it raises a lot of red flags.

With LUNO Malaysia, you are trading with Malaysian Exchange. This has been explained many times. It is not converted from USD to MYR. You are trading your bitcoin with other LUNO Malaysia users in the exchange and not in the global market.

Not really. To LUNO you will just be transferring from your own account in a VASP to your luno account. If it is a registered VASP, Luno will not ask for verification since it can get the transfer details from the VASP. So you can dump all your transfers from any personal wallet to that VASP and then transfer to LUNO.

Businesses that operates exchanges and allow people to send/receive crypto just like LUNO's business.

Based on recent news Luno will add Cardano (ADA) on 21 September 2022 and Solana (SOL) on 6 October 2022.

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.