Earlier in January Malaysian tax officials the Inland Revenue Board froze the bank account of popular cryptocurrency exchange, Luno. The account was frozen pending an investigation relating to tax matters.
Luno users were still able to trade cryptocurrencies but were unable to convert their ETHs and BTCs into Ringgit Malaysia. This led to many Luno users cashing out their cryptocurrencies via other exchanges like Remitano despite suffering losses due price differences between the platforms and exchange fees.
According to a statement issued by Luno, the Inland Revenue Board has agreed to unfreeze Luno’s bank account while it completes the investigation. Luno is now working closely with Maybank to have the account operational again. At the time of writing, Fintech News Malaysia tested withdrawal availability with no success.
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