/Dubai-based Bitcoin exchange suspends Fiat withdrawals

Dubai-based Bitcoin exchange suspends Fiat withdrawals

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Dubai-based cryptocurrency exchange BitOasis will no longer be processing deposits or withdrawals in dirhams from Tuesday, May 15.
A communication was sent to BitOasis users yesterday that starting Tuesday, no more dirham can be withdrawn from the exchange, leaving users with today only to move their balance elsewhere or top it up with more dirham if desired.

That means anyone wanting to access the dirham balances in their account, or wanting to transfer additional dirhams into it via wire transfer, will have to initiate the order by the aforementioned date for it to be actioned.
BitOasis claimed the problem was down to their issuing bank and that the usual means of buying and selling of cryptocurrencies on the platform, which include Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin and the recently added Monero and Zcash, will remain unchanged. Withdrawals of coins into external wallets is also unaffected.

“If you decide to leave your fiat balances the only way for you to withdraw your funds at any time after May 15th would be to convert it to cryptocurrency and send it to an external wallet”

“If you choose to keep your AED fiat balances after May 15th, currently we do not have any date on when we will be reactivating AED fiat withdrawals, but we are hard at work to provide our customers with this service.”

Company sent out a communication to account holders in the small hours of Monday, May 14 stating that “AED wire deposits and AED wire withdrawals will be temporarily disabled”, although credit card deposits – with a discounted fee of four percent per purchase until June 16 – will still be allowed.

The exchange, which operates in the UAE, Saudi Arabia, and Kuwait, has suspended withdrawals in the past as well, halting transfers to and from Emirates NBD, Noor Bank and Mashreq bank accounts in 2017 for a short time Gulf News reported that customers experienced delayed withdrawals while new verifications were also suspended and that the issue was due to regulatory pressure from within the UAE at the time.

Entrepreneur Ola Dudin of Jordan founded BitOasis in 2014 as a hybrid wallet/exchange, and the exchange has been active since then, listing Zcash as recently as April 23, 2018. According to the website, BitOasis plans to be the first digital assets company in MENA to be registered in a major technology center in the region.

Company has not yet updated the blog regarding the new constraints on the use of the dirham currency on the exchange. Many BitOasis users are concerned with the recent developments, and have taken to Twitter to voice complaints and seek answers to their questions on the timeline of the restrictions and whether they still have time to withdraw their money.