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Dubai- Based Crypto Exchange BitOasis Bans Trading of UAE Dirham

BitOasis, a Dubai-based exchange has banned UAE Dirham/BTC trading. The exchange will no longer process deposits or withdraw in Dirhams from May 15. A notice was sent to BitOasis users which claims that from Tuesday, dirham couldn’t be withdrawn from the exchange. It leaves users to move with balance or top it up with more dirham if they wish.

Cryptoexchange on trading cryptocurrencies

The people who desire to claim dirham balances in their account or transfer additional dirhams through wire transfer can initiate after an order passed by the authority. BitOasis asserts the problem is down from issuing in banks. The mode of purchasing and selling of cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin will remain unaltered. The users can also withdraw coins into external wallets.

Ola Dudin, a Jordan based entrepreneur established BitOasis in the year 2014. Presently, BitOasis operated in the countries like UAE, Saudi Arabia, and Kuwait. In the month of January, the bank suspended withdrawals to Emirates NBD, Noor Bank, and Mashreq Bank account holders.

Arabian Business states,

“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”.

BitOasis’s reports

The firm has not updated any information regarding the new compulsions on the usage of dirham currency on the exchange. The BitOasis users have uptight with recent developments. The company has voice complaints through Twitter and seeks answers to the questions on the timeline of the restrictions. Few users still have time to withdraw money from their exchange.

BitOasis suspended trading of UAE Dirham and BTC and the order will be commenced from Tuesday as per reports. Share your reviews through Twitter and Telegram.  

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Sara Noah

Sara Noah is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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