Luno Exchange Funds Frozen by Malaysian Tax Officials

Luno problems arose shortly after the central bank of Malaysia published a bill on the regulation of the sphere of cryptocurrencies
16 January 2018   446

London cryptocurrency exchange Luno faced issues with Malaysia's tax service. This is reported by Bitcoin.com.

On January 13, the Malaysian Internal Revenue Service (IRB) froze the account of the exchange at a local bank.

As part of this, IRB has requested that we provide them with information on all our Malaysian customers: identification, deposits/withdrawals, and transactions. We are working closely with the IRB to limit the parameters of this broad request. 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 to come up with reporting requirements for digital currency exchanges. 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.

Luno Team

Malaysian users of Luno still have the opportunity to exchange bitcoins and Ethereum for the national currency. 

Luno problems arose shortly after the central bank of Malaysia published a bill on the regulation of the sphere of cryptocurrencies, which set out a number of requirements for companies operating in the region and citizens of the country.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   83

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.