Hey there, I'm from SINEGY. We're launching our OTC and exchange for MYR support soon.

Yes. Don't think its a BNM issue as all exchange operators have consulted and receive supervision from BNM. More likely a commercial issue with Maybank itself.

No la, its on a commercial banking level.

We're planning to launch our exchange next week in light of Luno's tax issues. However, our min deposit would be MYR5k and above. Since there are quite a number of people here looking for MYR pairings, we should gather's everyone info for early KYC.

We're a company called SINEGY, website is still underway but you can check us out at www.sinegy.com or https://www.facebook.com/sinegydotcom/ for our pre-launch activities. We're in contact with BNM and SC towards a regulated environment, meaning stringent KYC protocols etc.

Tentatively the exposure draft by BNM (by the way its not a confirmed regulatory framework yet) covers more on developing a Know Your Customer process flow. So as an exchange (whether OTC or trading platform) we'll have to collect full particulars of our customers much like every other exchange. As a reporting entity we also have to submit reports on the digital currencies we offer, the fiat pairings, estimated volume and transactions from time to time.

Yes BNM has been consulted and is aware of our company. We're launching 2 services related to the exchange: a marketplace (like Coinbase, CoinHako) and a trading platform (Luno, Gdax etc..)

One of the reasons for the proposed 5k min. deposit is to create a barrier of entry which helps us to streamline our operations, to simply put, it's more worthwhile to manage high value transactions that low value transactions which require the same amount of work. For small value transactions, there will always be the p2p platforms like LocalBitcoins and Remitano.

Also, the key issue isn't with BNM, commercial banks are more reluctant about adopting crypto than BNM. They do not appreciate their services are being used as a gateway, banks like money staying in with them.

Singapore's recent regulations seem to be retroactive on crypto trading. Previously there were several major exchanges supporting SGD pairing and even deposits. (eg., itBit Quoinex)

Most basic traders are just trading on Coinhako, but it's not the best platform as there's no visible orderbook on the liquidity available. For fiat deposit/withdrawals I think most Singaporeans are going for Quoinex which was previously a SG company but has shifted over to Japan to be one of the fully regulated exchanges over there. Solid trading features, even supports Margin but slightly questionable volume and horrible customer support due to the influx of trades.

This post has been edited by weichi: Jan 22 2018, 06:25 PM

It is already higher, so you can always sell now and keep the fiat in Luno's system. Either withdraw when systems are back online or buy again at a discount.

You can sell, but you can't withdraw. Unless you don't mind parking your MYR there for an uncertain period of time.

It's not a scam IMHO, Luno is backed by a strong team of investors like Naspers. Its just that LHDN investigations are very extensive, especially for a company holding that much amount of MYR deposits.

It is quite safe to assume Luno has not been complying with tax requirements in Malaysia for quite some time. Hence this matter has escalated to this level. IRB has a responsibility to conduct due diligence. If you run a company, don't tell me your auditors don't have the right to probe into your customer invoices?

I don't think Luno is lying. They probably made a poor tax decision. Coinhako is from Singapore, potentially to avoid similar situation. My company will be operating our exchange in the coming weeks and we have sought proper consultation regarding this matter. Problem lies when many exchanges are exploiting tax loopholes and betting that authorities close an eye on this matter.

KYC has become a mandatory requirement for exchange-operators in Malaysia which is not a new precedent btw. For further information, you can Google BNM Cryptocurrency exchange Exposure Draft. While the guidelines haven't set in stone yet, most exchanges have started to enhance KYC requirements.

We're from SINEGY. In a couple of days I will post a link to our updated site. We are from Malaysia, we build trading solutions related to crypto. Our exchange will be rough around the edges in terms of interface. It will be preliminary to serve the local market for now. Pairing will be MYR to BTC, ETH and possibly Ripple. We're aiming to go live by end of Jan/early Feb.

Min. deposit will be MYR5,000 as a barrier of entry to prevent influx of small scaled traders which will congest our clearance team for now.

Please verify your news to ensure its the latest. This was pulled from CoinHako's latest blog update dated Jan 11 2018. Also, CoinHako suspends its operations and MYR withdrawal, different scenario from Luno whereby their account was frozen.

"Temporary Suspension of New User Registration

As we are upgrading our platform and services, we will be stopping all New User Registrations. New users – for both Singaporeans and Malaysians – will not be able to sign-up with Coinhako after 11th January 2018 until further notice.

If you had opened an account before 11th January 2018 or before the stoppage on this day, do not worry. We will be looking to clear our backlog of verification requests during this stoppage and will process your verification details as soon as possible."

The Inland Revenue Board’s (IRB) investigation into London based cryptocurrency exchanger Luno is not a phishing exercise for information on cryptocurrency traders, says its chief executive officer Datuk Seri Sabin Samitah.

Responding to a query on why the Luno bank account in Malaysia was frozen by IRB, he said the audit was to determine whether the cryptocurrency company has complied with the statutory requirement under the Income Tax Act 1967 and to ascertain if the business is involved in money laundering activities.

He said though the cryptocurrency business was an unregulated industry in Malaysia, it was subject to Malaysian income tax by virtue of the Section 3 of the Act, whereby tax shall be charged upon the income of any person accruing in or derived from Malaysia.

“The IRB is adopting the standard investigation procedure in dealing with cryptocurrency traders by inspecting their source documents and accounting records,” he said, in an e-mail reply to The Star on Friday.


image: https://bcp.crwdcntrl.net/5/c=5593/b=49346210


Read more at https://www.thestar.com.my/tech/tech-news/2...eaehgYp2CWZw.99

Steven, you can look at Remitano or LocalBitcoins.

Remitano is built to be simpler and faster. Localbitcoins has plenty of customization and automated settings, which makes it more complex. Remitano therefore has more newbies and Localbitcoin has more serious traders.

Also, localbitcoins have more payment options such as COD. Whereas Remitano is fully online payment.
Advantage of Remitano is that it supports MYR>ETH and MYR>USD Tether too

You can technically set any price you want to sell your 0.7btc. If you are selling 0.7 based on RM45,389.21 then yes you'll get 31.7k

This post has been edited by weichi: Jan 24 2018, 11:43 PM

CoinHako seems to have a taken a precautionary approach compared to Luno which banking operations have been suspended.