Cryptocurrencies

SauRoN

SauRoN

Active Member
Joined
May 2, 2020
Messages
493
Jings said:
Genesis Global Holdcom, the group owning Luno is not so squeaky clean either.

www.dailymaverick.co.za

After the Bell: The dark side of the Luno crypto exchange

The first question holders of crypto in Luno have is — of course — whether my bitcoin (or whatever) is still worth anything.
www.dailymaverick.co.za www.dailymaverick.co.za
Click to expand...

That very statement alone is the first nail in the coffin to how wrong that article is on so many levels and they could have figured most of it out with basic Google’s.

I like DM but this one is a shocker.

Hint : Genesis doesn’t own Luno…and many other obviously wrong things in there.

Also an investigation doesn’t make anyone dirty or questionable, it’s standard practise in the US. The likes of Tesla, Apple, Amazon and all the banks are constantly investigated and fined.

My understanding in this case is they are being checked on for their inter-company money shifting and that it’s all above board as they lent and moved money between companies internally and this is pretty much standard practise to make sure the accounting conforms.


Sent from my iPhone using Tapatalk Pro
 
Jings

Jings

Well-Known Member
Joined
Mar 30, 2020
Messages
6,092
Location
Gauteng
SauRoN said:
That very statement alone is the first nail in the coffin to how wrong that article is on so many levels and they could have figured most of it out with basic Google’s.

I like DM but this one is a shocker.

Hint : Genesis doesn’t own Luno…and many other obviously wrong things in there.

Also an investigation doesn’t make anyone dirty or questionable, it’s standard practise in the US. The likes of Tesla, Apple, Amazon and all the banks are constantly investigated and fined.

My understanding in this case is they are being checked on for their inter-company money shifting and that it’s all above board as they lent and moved money between companies internally and this is pretty much standard practise to make sure the accounting conforms.


Sent from my iPhone using Tapatalk Pro
Click to expand...

My bad, Luno's the holding company is Digital Currency Group, comprising of a syndicate of investors. Genesis is the sister company.

Strange that you shocked by the article when Luno doesn't come up rosy either in terms of compliance. Wouldn't surprise me if any the crypto exchanges actually do everything by the book.
 
SauRoN

SauRoN

Active Member
Joined
May 2, 2020
Messages
493
Jings said:
My bad, Luno's the holding company is Digital Currency Group, comprising of a syndicate of investors. Genesis is the sister company.

Strange that you shocked by the article when Luno doesn't come up rosy either in terms of compliance. Wouldn't surprise me if any the crypto exchanges actually do everything by the book.
Click to expand...

Luno comes up 100% with compliance and is one of the few that is fully audited with proven 1:1 crypto holdings.

Luno is very much pro regulation even though they aren’t required to be.

Like I said the “article” lacks journalism and has a lot of half truths/facts and plenty of things completely wrong. It’s conjecture based on a lack of facts.

I would elaborate but suddenly it’s paywalled which it wasn’t yesterday.

Fact of the matter is the entire article isn’t actually about Luno at all, but they draw these random conclusions and connections which don’t exist and are entirely baseless in their assumptions.

Take my word for it as someone who knows more than the person who wrote the article about the internal workings; the two companies are completely independently owned, operated and enclaved within DCG and have no bearing on each other.

What you will likely see happening is DCG getting more stingy with runway funding to protect themselves and therefore might see a reduction in market expansion happening for Luno.
 
Last edited:
Jings

Jings

Well-Known Member
Joined
Mar 30, 2020
Messages
6,092
Location
Gauteng
SauRoN said:
Luno comes up 100% with compliance and is one of the few that is fully audited with proven 1:1 crypto holdings.

Luno is very much pro regulation even though they aren’t required to be.

Like I said the “article” lacks journalism and has a lot of half truths/facts and plenty of things completely wrong. It’s conjecture based on a lack of facts.

I would elaborate but suddenly it’s paywalled which it wasn’t yesterday.

Fact of the matter is the entire article isn’t actually about Luno at all, but they draw these random conclusions and connections which don’t exist and are entirely baseless in their assumptions.

Take my word for it as someone who knows more than the person who wrote the article about the internal workings; the two companies are completely independently owned, operated and enclaved within DCG and have no bearing on each other.

What you will likely see happening is DCG getting more stingy with runway funding to protect themselves and therefore might see a reduction in market expansion happening for Luno.
Click to expand...
Well something is definitely afoot at Luno because they're going to retrench 35% of their workforce.
 
SauRoN

SauRoN

Active Member
Joined
May 2, 2020
Messages
493
Jings said:
Well something is definitely afoot at Luno because they're going to retrench 35% of their workforce.
Click to expand...

Well that was faster than I expected but exactly what I alluded to in my last paragraph before.

DCG had them on a massive growth trajectory and take over the world plan and have reduced funding now so they need to scale back a little bit to self-sustain rather than rely on the American dollars.


Sent from my iPhone using Tapatalk Pro
 
SauRoN

SauRoN

Active Member
Joined
May 2, 2020
Messages
493
biometrics said:
Sjoe, that's rough.

mybroadband.co.za

Luno retrenching 35% of staff

Luno has informed employees that it will retrench 35% of its global workforce.
mybroadband.co.za mybroadband.co.za
Click to expand...

Jirre the sensationalism.

CTO hardly silently departed and was doing so for months in handover and was replaced quite publicly.

It’s not more rough than most companies in the current climate.

Anyone seen Microsoft, Google and Amazon? Naspers also going large.


Sent from my iPhone using Tapatalk Pro
 
R

Rudolph Hart

Well-Known Member
Joined
Jun 21, 2020
Messages
832
JosephDavidsona said:
I totally agree with you about Luno being an excellent platform for trading cryptocurrencies. They stand out with their compliance and transparency, and it's great to see that they're pro-regulation, even though they don't have to be.
Click to expand...
And you have absolutely no affiliation to them whatsoever, I assume?
 
You must log in or register to reply here.
Top