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   591

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.

Santander to Deny XRP Token Usage Info

It turned out that bank uses xCurrent in One Pay FX instead of XRP token for international payments, as it stated earlier
25 March 2019   71

Santander, a large Spanish bank, in its Twitter spread incorrect information about cooperation with Ripple.

And although the majority of cryptocurrency holders reacted positively to the statement of Santander, some of them drew attention to the fact that this news had no effect on the growth of XRP trading volume.

It soon became clear that the bank provided incorrect information.

xCurrent allows Ripple customers to make payments using Fiat as well as digital currencies. A similar product, the operations in which are carried out using XRP cryptocurrency, is called xRapid.

Despite the official apology, some commentators suspected the bank of manipulating the market.