Dubai Bitcoin Exchange Halts Fiat Withdrawals Due to Bank ‘Issue’

Dubai Bitcoin Exchange Halts Fiat Withdrawals Due to Bank ‘Issue’
May 15, 2018 01:46 PM By: Ben Noble | 6155 Views

Dubai-based exchange BitOasis has suspended UAE Dirham/BTC trading, citing issues with the bank maintaining the exchange itself.
A communication was sent to BitOasis users yesterday that beginning Tuesday; no more dirham can be withdrawn from the exchange, leaving users with today only to transfer their balance elsewhere or top it up with more dirham if wanted.

Users wanted to make credit card deposits can do so at the reduced fee of four percent until June 16. According to BitOasis, the issuing bank of the exchange is the only problem, and the average trading of cryptocurrencies such as BTC, BCH, ETH, XRP, LTC, XMR, and ZEC will remain as general, as will cryptocurrency withdrawals from the exchange into private wallets.
Arabian Business extracts the statement as informing BitOasis users the following:

“If you choose to leave your fiat balances the only method for you to withdraw your funds at any time following May 15th would be to change it to cryptocurrency and transfer it to an external wallet.”

“If you want to hold your AED fiat advantages back May 15th, currently we do not have a date on if we will continue reactivating AED fiat withdrawals, but we are hard at an effort to provide our consumers with this service.”

There is none time as of though for the reactivation regarding dirham withdrawals and deposits by wire transfer, although BitOasis have assumed it should be immediately.

The exchange, which works in the UAE, Saudi Arabia, and Kuwait, has suspended withdrawals in the past as completely, halting transfers to and from Emirates NBD, Noor Bank and Mashreq bank accounts in 2017 for a short time Gulf News announced that customers experienced limited withdrawals while further verifications were also rejected and that the problem was due to regulatory pressure from inside the UAE at the time.

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Entrepreneur Ola Dudin of Jordan established BitOasis in 2014 as a hybrid wallet/exchange, and the exchange has been working since then, listing Zcash as lately as April 23, 2018. According to their website, BitOasis projects to be the 1st digital assets corporation in MENA to be identified in a significant technology center in the entire range.

The company has not though refreshed the blog regarding the new constraints on the use of the dirham currency on the exchange. Many BitOasis consumers are concerned with the recent developments, and have taken to Twitter to voice criticisms and explore answers to their questions on the timeline of the restraints and whether they still can withdraw their money.

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