Dubai crypto exchange BitOasis reinstates AED deposits and withdrawals

Users, however, have been left frustrated after auctioning withdrawals
By Eddie Taylor
Mon 04 Jun 2018 12:32 PM

BitOasis, the Dubai-based cryptocurrency exchange, no longer plans to block users from making deposits and withdrawals in dirhams.

Back on May 14, citing problems with it bank, the exchange issues a statement saying the users had just 24 hours to sanction wire transfers or action fiat currency withdrawals – a deadline that was later extended to June 4.

However, it seems that the issues – which remain unspecified – have been resolved. The company issued a statement today, the date of the extended deadline, to say that “users can deposit and withdraw their funds in AED as usual without any interruption” and apologised for the inconvenience.

That said, some BitOasis users expressed frustration about actioning withdrawals only to be now told it wasn’t necessary – especially as the price of Bitcoin has fallen by more than $1,000 since the May 14 announcement.

“I sold my Bitcoin holding at a considerable loss as I feared being unable to access my money,” said one user, who wished to remain anonymous. “This was also at the bottom of the market after a sell-off, meaning I have lost several percentage points of value if I wish to rebuy my holding.”

It also seems clear that Emirates NBD account holders in the UAE are still unable to use the platform by any means.

“In light of the recent inconsistency of service across our payment options, we will be revising and updating the options available to our customers on the platform to ensure continuity of our services,” the BitOasis statement continued. “We will be notifying our customers with the update on our new payment options soon.”

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Last Updated: Mon 04 Jun 2018 12:53 PM GST

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