Giving context to digital currency in Malaysia
Luno has been unable to process deposits in Malaysia since December 2017. This was due to our bank account having been temporarily frozen.
Ours is a new and mostly unregulated industry, meaning the authorities often lack precedent or guidance. Luno has been working closely with The Internal Revenue Board (IRB) and Bank Negara (BNM) to help them better understand both Luno and the industry more broadly. This resulted in BNM issuing a policy document around reporting requirements for digital currency exchanges.
Over the past few weeks, we have cleared the entire backlog of withdrawal requests since December 2017.
Moving forward, we will be working with our payment partner to process new withdrawals. The process for requesting withdrawals remains the same as before. Withdrawals under MYR 30,000 will be processed within an estimated time of two to three business days.
Withdrawals over MYR 30,000 may take up to one week.
Updated withdrawal schedule
29 March 2018: We started manually processing all pending withdrawals with Maybank
23 April 2018: We reactivated withdrawal functionality, allowing customers to submit new withdrawal requests from this date onwards
2 May 2018: We started manually processing all new withdraw requests
See below for a list of our frequently asked questions.
Frequently asked questions
When will I receive my money?
Withdrawals below MYR 30,000 will be processed within an estimated time of two to three business days. Withdrawals over MYR 30,000 may take up to one week.
I haven’t requested a withdrawal yet. How do I withdraw my money?
You can withdraw your money from Luno by clicking the “Withdraw” button on our website/app. This button was reactivated on 23 April 2018.
How much will I be charged for the withdrawals?
Withdrawals will incur an administrative charge of MYR 0.32 per transaction. All administrative charges will be paid directly to our banking partner. Luno will not take any portion of these charges.
What is the limit for withdrawals? For example, can I withdraw all my money in one transaction?
If you have hit your monthly account limit and would like to withdraw more, please send us a support ticket directly, and we will contact you to resolve the issue.
Can I still trade on Luno’s Exchange? What about the BTC/ETH/BCH in my Luno wallet?
You can continue to trade on our BTC/MYR Exchange as usual. Our Bitcoin and Ethereum wallets remain fully functional. You can also send and receive Bitcoin and Ethereum as usual (and you can still send Bitcoin Cash or BCH out from Luno.)
Is Luno closing down in Malaysia?
No. We are fully committed to growing our Malaysia business and will continue to do our best to serve our Malaysian customers.
Will the exchange be shut down?
We will not permanently shut down the Luno exchange. We will continuously monitor the liquidity of the Luno Exchange. If large fluctuations in price are experienced, we may consider temporarily suspending our instant buy and sell feature, and/or the exchange to protect our customers.
I’m still facing problems. Where can I get further help?
As always, if you face any issues with the above, please send us a support ticket here and we will get back to you as soon as possible.