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Bank Accounts Belonging to Malaysian Major Cryptocurrency Exchange Luno Frozen by the Country’s Tax Officials

Jan 18, 2018 Posted /  4356 Views

Bank Accounts Belonging to Malaysian Major Cryptocurrency Exchange Luno Frozen by the Country’s Tax Officials

Inland Revenue Body(IRB) wants Luno to Disclose its customers’ identification, deposits/withdrawals, and transactions

London Based global cryptocurrency exchange luno revealed on January 13,  that the bank accounts of it’s malaysia based branch has been frozen by the Inland Revenue board of malaysia awaiting an investigation relating to tax issues. This has made the exchange unable to process deposits and withdrawals in the country over the past few weeks. The affected account is held under the name of Luno’s local entity BitX Malaysia.

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Luno said the IRB has requested them to provide information on all it’s malaysian customers’ identification, deposits/withdrawal and transactions. Luno revealed that they are working closely with the IRB to limit the parameters of the broad request it has made.

Luno was created in 2013 in London and operates in several countries around the world including Nigeria, South Africa, Malaysia, Indonesia, the UK and 35 other European regions.

Luno is Requesting it’s Customers to abide by the Country's Tax Requirements and admits it’s support of the Central Bank’s Regulatory Measures

Luno knows very well that a good relationship with the authority is of paramount benefit to their business success in malaysia prompting the company to ask it’s esteem customers to obey government set requirements. The exchange further acknowledges that it is supportive of the regulatory measures put across by the countries central Bank, Bank Negara Malaysia (BNM)

Luno expects all it’s customers to adhere with the county’s tax requirement to the extent of disclosing any gains where necessary. The exchange believes that bitcoin and digital currencies are the new era of development for everybody including regulators, financial institutions, tax authorities and all the other sectors. Luno commented saying,

“To navigate this industry everyone needs to work together to find the most optimal solutions to make sure the industry is safe and conducive for business. We are supportive of the recent regulatory measures enacted by the Bank Negara Malaysia (BNM) requiring reports from all digital currency exchanges”

Luno further added that they are working closely with their banker and the IRM to conclude the tax investigation that led to the closure of their bank accounts. However luno confirms that the issue might take some time before it is fully resolved but promises to achieve a positive outcome to its customers.

Unfortunately Luno failed to estimate a time frame within which its deposit and withdrawal services would return to normal but further promises to keep in touch with customers incase of any new update on the issue. Meanwhile for the meantime customers using the Luno exchange services can use their MYR local currency balances to carry out normal transactions on the exchange platform.

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