Luno, a popular crypto exchange licensed by the Securities Commission Malaysia, has recently announced the launch of its third crypto staking program, this time focusing on Solana. The exchange, known for its strong security practices, offers users the opportunity to earn SOL rewards every two days and passively grow their crypto investment portfolio. This initiative comes after successful staking programs for Ethereum and Cardano, further solidifying Luno’s reputation in the crypto space.
Scarlett Chai, Luno’s country manager, made the official announcement during the Off-Chain Global Conference in Kuala Lumpur as a part of Malaysia Blockchain Week 2024. In a recent court verdict, Luno emerged victorious after facing allegations from a user claiming a significant loss due to alleged security lapses on the platform. The High Court Judge ruled in favor of Luno, emphasizing the exchange’s commitment to upholding high-security standards and protecting its customers.
To ensure the security of its users, Luno follows ISO standards for security practices and encourages customers to enable 2FA and undergo a cooling period for certain transactions. Chai highlighted the exchange’s focus on combating scams and educating users on responsible investing practices. Luno’s proactive approach to security and transparency has earned it a spot among the top crypto exchanges with intensive security measures, as ranked by CCData in April.
While navigating regulatory challenges, particularly in the rapidly evolving crypto landscape, Scarlett Chai commends Malaysia for taking a cautious approach to crypto regulation. The Securities Commission Malaysia has been clear on outlining specific guidelines for digital assets and collaborates with the Central Bank of Malaysia to regulate the sector effectively. Chai stresses the importance of regulatory clarity to ensure the protection of investors and the sustainable growth of the crypto industry in Malaysia.
In addition to enhancing security measures and regulatory compliance, Luno also emphasizes the importance of scam awareness and transparent reporting practices. The exchange has launched a scam awareness program on social media to educate users about avoiding fraudulent schemes and has made monthly proof of reserve reports accessible to customers. These efforts aim to enhance transparency, build trust with users, and reinforce Luno’s commitment to maintaining the security of customer assets.
Overall, Luno’s latest initiative to introduce Solana staking, coupled with its robust security practices and commitment to regulatory compliance, underscores the exchange’s position as a trusted player in the crypto space. By prioritizing user security, taking proactive steps against scams, and collaborating with regulators, Luno is poised to continue its growth and success in Malaysia’s burgeoning crypto market.
