Securities Commission Puts Possible Clone Entity Luno Trader On Latest Investor Alert List
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The Securities Commission (SC) has updated its Investor Alert List (dated 26 November 2021) to include an entity called Luno Trader, along with several others.

According to the regulatory body, it had flagged Luno Trader as a “possible clone entity”, given that its name bears close resemblance to licenced cryptocurrency trading platform, Luno. To note, Luno is one of only four registered recognised market operators (RMOs) in Malaysia that are allowed to operate a digital asset exchange (DAX), with the other three being MX Global, SINEGY Technologies, and Tokenize.

Separately, Luno has also taken to social media to alert its customers of the existence of Luno Trader. “It has come to our attention that there has been an unauthorised website (Luno Trader) impersonating us and getting Malaysians to invest through them by promising high returns. Please note that this is not Luno and this website has been added to the Investor Alert List by Securities Commission Malaysia,” it posted on its official Facebook page, reminding customers to always be alert for scams.

Our own check online revealed that the website for Luno Trader is currently still live, with individuals still able to sign up for new accounts, as well as log in to existing accounts. It offers forex and contract for differences (CFD) trading services, and claims to have won various awards, including from the World Finance Magazine and Global Forex Awards 2021. It also said that it is licensed in several countries, including Australia, Cyprus, and Belize.

Aside from Luno Trader, other new names that have been included in the SC’s updated Investor Alert List are easy Markets, Intraderkor, and Aseel Islamic Finance. Meanwhile, notable entities that have also been placed in the SC’s list prior to this include Pelham Blue Fund, Binance, and KuCoin.

(Source: Securities Commission)

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