Crypto Exchange Luno Launches Solana Staking in Malaysia: Interview

Sujha Sundararajan

Last updated:

July 31, 2024, 06:49 EDT | 2 min read

Luno, a crypto exchange licensed by the Securities Commission Malaysia, is launching its third crypto staking, this time, for Solana. Scarlett Chai, Luno’s country manager, noted that the exchange has already released the teaser of the launch.

The Solana staking would let its users earn SOL rewards every two days and passively grow their crypto investment portfolio. This marks the exchange’s third crypto stalking after Ethereum and Cardano.

Chai spoke with Cryptonews at the Off-Chain Global Conference in Kuala Lumpur, as a part of Malaysia Blockchain Week 2024.

Luno, on Monday, won the court verdict after the exchange was hit by allegations from a user Yew See Tak. He claimed that Luno failed to safeguard the cryptocurrencies in his account, resulting in nearly 600,000 ringgit ($129,799) loss. The High Court Judge reversed the decision stating that there was no security lapse on Luno, per a shared press release.

“In terms of our security practices, it was never compromised, that is very clear,” Scarlett Chai said.

“I think we never change our mission to upheld high and strong security practices. For us it’s not challenging, it’s just more of like ensuring that we continue to double-down in terms of doing what we need to do to protect our customers.”

Luno Follows ISO Standards for Security Practices

The exchange has taken security very seriously, particularly, post the allegations from Yew. Luno holds ISO certification for security practices, Chai confirmed.

From a customer protection point of view, Luno encourages users to have their 2FA enabled from trusted devices. Further, it also has a cooling period for first-time users. “For Luno, if you enable send and receive for cryptocurrency, you have a 24-hour cooling period,” she noted.

“If you want to reset your passwords, we do need to have a security call with you to understand, like, is it really you that’s setting up. I know it’s a bit inconvenient, but it’s just something that we do to ensure that, to combat this kind of thing.”

Scarlett Chai, Luno’s country managerA recent ranking by CCData in April, has placed Luno among the crypto exchanges that exhibit intensive security practices.

Additionally, Luno is also embarking a scam awareness program on social media. This is to let customers know that the exchange don’t have any third-party brokers, or agents to invest.

Alongside, in a recent media statement, shared to Cryptonews, Luno reminds users to be vigilant against scams, amid market surge. “Luno actively emphasizes its customers to invest responsibly and not to be duped into schemes,” the statement read.

Besides, the firm has released access to monthly proof of reserve reports in order to enhance transparency and to reassure customers of the security of their assets. The reports will indicate customers that Luno maintains their assets on a 1:1 ratio.

Malaysia is Taking a Cautious Approach to Crypto Regulation

Scarlett Chai believes that Malaysia is in the forefront in terms of curating specific digital assets guidelines. She said that the Securities Commission (SC) Malaysia has been very clear from day one on what needs to be included in the guidelines.

She also noted that there is a taskforce, a working group between the SC and the Central Bank of Malaysia. “They work together to identify how to regulate this sector,” she said.

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