Malaysian Tax Officials Froze Accounts of Luno Crypto Exchange

Cryptocurrency exchange Luno incorporated in London announced that its accounts in Malaysian Bank were frozen by the Malaysian tax authorities on January 13th.

Luno has been providing cryptocurrency trading services for 5 years in different countries such as Nigeria, South Africa, Malaysia, Indonesia, the UK, and 35 other European states. According to exchange representatives, IRB is investigating a case that is connected to tax discrepancies.

Malaysian users of Luno exchange still have an opportunity to exchange bitcoins and ethers for country’s national fiat currency.

“All your funds – local and digital currencies – remain safe with Luno and all other services remain unaffected” – informs the exchange.

Luno also reports cooperation with banks and IRB to settle the dispute as quickly as possible.

“As set out in our privacy policy, we value our customers’ privacy and strive to protect your personal information. We will only provide personal information where we are legally required to do so and are working with our local advisers to ensure that any disclosure is consistent with our obligations to you, our customers”.

The exchange faced problems after the central bank of Malaysia (BNM) drafted a bill on cryptocurrency regulation introducing new rules for companies and individuals in the country. Luno trading platform that has a rather small share of cryptocurrency market trades in Malaysia, became the first “victim” of the regulator’s policy.

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