While most are fine with the LUNO FUD, others are moving away to other exchanges like Remitano and taking advantage of the lower rates per btc. This not only gives them more per btc or eth but also a way to cash out their bitcoin from Luno if so need be. TheGoTheory's referral link is below, which will in turn help TheGoTheory's work.
https://remitano.com/my?ref=thegotheory
The main reason why Luno has shut down their fiat deposits and withdrawals is due to their bank account being frozen by the Internal Revenue Board(IRB). This is no cause to be of alarm or FUDing out or Panic Selling. They are merely complying with the regulations set by BNM. If you want to read the document or even inquire more or dispute their draft regulations, please do so by submiting the form at the back of the pdf before the 14th of january 2018(http://www.bnm.gov.my/index.php?ch=57&pg=538&ac=661&bb=file).
IRB has requested that Luno release all the details of Luno users right down to the very satoshi. While they may say it is an anti-launder act, we must ask ourselves are they really? or are they more interested in taking our hard earned btc, altcoin or even fiat/cash away by taxing it. While it is important for us to pay our dues, it is, however, prudent to ask how much are they planning to tax and to what extent? Will they, god forbid, put GST on every transaction we make? If the latter is so, we should really be talking about it and making efforts to actually voicing out our concerns. TheGoTheory will personally be making his appeal and questions to the IRB and BSN before the weekend is over.
Luno is doing their best to make sure that not all our data is taken by the IRB but only what is legally required, which happens to be the following.
- Our verified Identities
- Pictures
- Id/Passport/Reference Number of any official documents with photo of owner
- Addresses (both physical and blockchain)
- Date of Birth
- Nationality
- Purpose of transaction(all)
Of course, this is just merely skimming the surface of the entire document and they are really asking for a lot of details here. There are more than 5 pages of requirements that need to be followed by anyone handling cryptocurrencies as a business in Malaysia, especially since they operate from one bank. Exchanges must actually make every effort to disclose most if not all information of transactions and ownership of addresses.
Apart from that, Luno works fine and you could still send Luno to Luno free of transactions fees, just make sure you send it to the right phone number or email instead of a blockchain address.
Please to leave an upvote if you found this insightful and do not forget to follow TheGoTheory as we blockchain all things noteworthy.
MALAYSIA CRYPTO NEWS by TheGoTheory
Thanks for the heads up on the news, have some coins in Luno, this post is extremely helpful. Any thoughts regarding reminato?
remitano is all gucci for me. pls do use the link in the article, as we both will have rewards when you use remitano. thanks bro
Hello @thegotheory I never heard about this LUNO. Thank you for information. Everyone is talking about restriction to register new users and about verification. I buy my BTC and ETH with Coinbase or Coinmama and trade on Cryptopia and Binance. Best from Serbia. :)
unfortunately, malaysia only has a few ways to make buy btc or eth. and it's only getting harder. but we will not let this stop us. we malaysians are pretty strong on the alts. Lunno is a malaysian exchange btw.
@thegotheory thanks for sharing. This is news indeed. Central Banks go after small fish, usually the big ones are too high up
ahem CIMB
on the 10th line , They are merely complying with the regulations set by BSN. ( i think you mean by BNM)
ahahah thanks but aren't they the same....lolz illuminati ....
It is different. BSN is a commercial bank. BNM is Central Bank.