Luno Returns To Malaysia As Official Cryptocurrency Exchange

Luno has officially become the first cryptocurrency exchange to legitimately operate in Malaysia. The exchange recently received approval from the Securities Commission (SC), making it the first legitimate market operator to offer consumers to legitimately trade in both Bitcoin and Ethereum.

Luno’s journey into becoming a fully authorised by the SC technically started back in 2015. In 2017, the exchange ran into several issues with Bank Negara Malaysia (BNM). In the end, and given the volatile nature of cryptocurrency, Luno was effectively barred from operating in Malaysia.

Instead of exiting the market entirely, though, Luno stuck around and after much back and forth with BNM, the exchange officially registered itself with the Malaysian government back in 2018. Gaining approval from BNM just recently.

For those among you who are familiar with Luno, you’ll be happy to know that the app remains relatively unchanged, save for one or two updates. As it stands, you can only make deposits into the exchange via a bank transfer.

We had inquired when Luno intended on making transactions via credit and debit cards available – options that are readily accessible in other countries – to which the market operator said that it was working towards making such options available “step by step”.

Additionally, the Luno app will now prompt you to enter a provided reference code that basically notifies the bank that any and all transactions between you and Luno is legitimate, and doesn’t get flagged down as suspicious.

The Luno app is available for download via Google Play and the Apple App Store.

The post Luno Returns To Malaysia As Official Cryptocurrency Exchange appeared first on Lowyat.NET.

from Lowyat.NET https://ift.tt/33lxHki