Monitoring - We’d like to provide a quick update on our Malaysian bank account.
Luno continues to work with the IRB in relation to its investigation, and the matter remains our highest priority.
Globally, tax authorities are paying more attention to digital currency platforms and their customers. As you may have read this week, South Korean tax authorities have also started investigating local exchanges.
As we have mentioned, the fact that ours is such a new and mostly unregulated industry means the authorities often lack precedent or guidance. Luno is working closely with the IRB to help them better understand both Luno and the industry more broadly: how digital currency platforms like Luno work, how the market is using digital currencies and how other countries are proposing regulation. The IRB realises that the funds held by Luno belong to our customers and are understanding of the impact the investigation is causing.
Again, Luno encourages all customers to adhere to Malaysian tax requirements, including where necessary the declaration of any gains in the manner prescribed by the authorities.
While we work through this matter, you can still buy, sell, send and receive digital currencies like ETH and BTC with your MYR local currency balance on Luno. All your funds — local and digital currencies— remain safe with Luno and all other services remain unaffected.
We will send updates as soon as they become available.
Thank you for your ongoing support and understanding.
Jan 23, 13:51 UTC
Update - Dear customers,
As you may know, Luno has not been able to process deposits or withdrawals in Malaysia over the past few weeks due to an issue with our bank account. We’d like to provide a more detailed explanation of what is currently going on.
The Internal Revenue Board (IRB) has temporarily frozen the bank account of BitX Malaysia (our local entity in Malaysia), pending an investigation relating to tax matters. As part of this, the IRB has requested that we provide them with information on all our Malaysian customers: identification, deposits/withdrawals, and transactions.
We want to resume processing MYR bank deposits and withdrawals as soon as possible, but we are not able to do so until the IRB releases the bank account.
In general, we strongly encourage all customers to adhere to Malaysian tax requirements, including where necessary the declaration of any gains in the manner prescribed by the authorities.
Bitcoin and digital currencies are a new area of development for everyone including regulators, financial institutions, tax authorities, and many others. Navigating this requires everyone to work together to figure out optimal solutions to ensure the industry is safe and conducive to business. We are supportive of the recent measures by Bank Negara Malaysia (BNM) to come up with reporting requirements for digital currency exchanges. In a similar manner, we are working closely with our banks and the IRB to come to a swift conclusion with regard to this investigation.
We are focused on making sure we achieve a positive outcome for everyone, especially our customers. This may, unfortunately, take some time, and we’d like to ask for your patience and support while we work through the situation. Unfortunately, we can’t give a time estimate for this to be resolved, but we’ll notify you as soon as we have another update.
In the meanwhile, you can still buy, sell, send and receive digital currencies like ETH and BTC with your MYR local currency balance. All your funds —local and digital currencies— remain safe with Luno and all other services remain unaffected.
Thank you for your understanding.
Jan 12, 13:35 UTC
Update - Luno is still unable to process MYR deposits and withdrawals, due to ongoing issues with Maybank. This not only affects Maybank customers but also CIMB and other Malaysian banks, as all customer deposits are held with Maybank.
We continue to have talks with the highest levels of Maybank and the Malaysian financial authorities and are confident that this issue will be resolved.
Requested withdrawals will remain pending until the situation has been resolved, after which the withdrawal will be processed. You can also cancel pending MYR withdrawals, by navigating to Menu > Wallets > MYR wallet > Transactions, and purchase BTC or ETH with it.
We’d like to apologise for this frustrating and unexpected delay and we’d like to assure you that we’re working round the clock to get it resolved.
We will send an update to all affected customers once we have more information.
Jan 5, 14:12 UTC
- Luno remains unable to process MYR deposits and withdrawals due to issues with Maybank.
We remain in constant talks with the relevant authorities, but we estimate that it will take a few weeks now to resolve the matter. This is due to the fact that we hit the holiday season and many officials were unavailable for a discussion.
Rest assured, our team is actively working on the situation and this remains our highest priority in the company at the moment. We apologize for this frustrating delay.
In the meantime, our customers are welcome to cancel their pending withdrawals. The funds will be returned to your Luno wallets, enabling you to buy BTC or ETH if you choose to do so.
Just visit https://www.luno.com/wallet/transactions
, select the pending withdrawal at the top of the page, click on it and then choose the "stop" button in the transaction details.
Dec 28, 09:39 UTC
Update - Our team on the ground in Malaysia continues to work with Maybank to resolve the current issues. Despite our best efforts, this will take a few business days. As previously stated, all customer funds remain safe with us. We will share more information as soon as it becomes available to us. Thank you for your continued patience.
Dec 20, 14:03 UTC
Update - We are engaging with the bank at the highest level to get MYR deposits and withdrawals reactivated. We will provide another update as soon as more information becomes available. Thanks for your patience during this unexpected and frustrating delay.
Dec 18, 21:53 UTC
Update - We successfully made contact with key senior individuals at the bank to resolve the MYR deposit and withdrawal issue. Since it is the weekend, they can’t provide us with any more information, but we have follow-up meetings scheduled for early next week. We will provide another update on Monday afternoon, 18 December 2017, or as soon as more information becomes available.
Dec 16, 15:03 UTC
Update - We are still experiencing technical issues with MYR deposits and withdrawals. We are in the process of resolving this matter with the bank.
Note that your funds — digital and local currency — are safe. All other services remain unaffected. You can still use Luno to buy, sell, trade, send, receive and store digital currency.
Please refrain from making deposits, withdrawals or sending multiple tickets about this issue.
We will keep you updated with all progress via this status page.
Dec 15, 14:26 UTC
Identified - We've identified an issue affecting MYR deposits and withdrawals, our team is working closely with the bank to resolve the issue.
There may be delays in processing withdrawals.
An update will be provided as soon as more information is available from our bank.
Dec 14, 16:56 UTC