Luno, the cryptocurrency exchange, recently announced that it will now accept online instant deposits via Financial Process Exchange, or FPX for short. Additionally, all FPX deposits will be conducted by AmBank, Luno’s preferred and appointed banking partner.
As its official press release, FPX will now provide Luno users with the option to deposit money into their Luno accounts instantly, enabling them to buy and sell their preferred cryptocurrency, cutting out the usual downtime that comes with bank transfers or other forms of transactions. Then, as now, Luno only trades in four types of cryptocurrencies: Bitcoin Ethereum, Ripple, and Litecoin.
If you’re doing via your smartphone, depositing money via FPX is a straightforward affair: simply choose the “FPX Instant transfer” option, and punch in the amount of Ringgit you wish to deposit. From there, you’ll be redirected to a third-party portal, where you’ll then be asked to follow a set of instructions in order to confirm the initial transaction.
Luno became the first and only official cryptocurrency exchange in Malaysia when it finally received full approval from the Securities Commission (SC) in 2019. That said, the exchange’s journey to becoming a full-fledged company wasn’t without its own set of hurdles.
Technically, the company started way back in 2015 but ran into issues with Bank Negara Malaysia (BNM) in 2017. That same year, the exchange was barred from operating in Malaysia and all its accounts – they belonged to a local entity by the name of BitX Malaysia at the time – were frozen by the Internal Revenue Board (IRB). Rather than make a hasty exit, though, Luno stuck around and in 2018, officially registered itself with the SC.