Fiat Withdrawals Stops As A Result of Bank ‘Issue’

UAE Dirham/BTC trading has been stopped for the time being by Dubai-based exchange BitOasis as a result of bank related issues.

The instruction was sent to BitOasis yesterday stating that from Tuesday, no kore dirham should be withdrawn from the exchange, giving users only today to move their balances to other exchanges or increase their dirham if they please.

Until June 16, users that want to make credit card deposits can carry it out at the discounted fee of four percent. BitOasis explained that the issuing bank of the exchange of the only problem, and other cryptocurrency tradings including BTC, BCH, ETH, XRP, LTC, XMR, and ZEC will go on as usual, in addition to cryptocurrency withdrawals from the exchange into private wallets.

In the exact statement released by BitOasis informing users about the situation 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.”

For the time being, it is unknown when dirham withdrawals and deposits by wire transfer will operate again, but BitOasis noted that it will not belong.

This is not the first time the exchange which has operations in the UAE, Saudi Arabia, and Kuwait, has stopped withdrawals. Transfers to and from Emirates, NBD, Noor Bank and Mashreq bank accounts in 2017 were suspended for a short while. During the time, the user went through delayed withdrawals while new verification was also suspended and at that time, the issue was as a result of regulatory pressure from within the UAE.