BitOasis, a Dubai-based crypto trading platform, has blocked transactions for UAE Dirham/BTC pair, due to blurring between the bank and the platform.
On 15th May, users have received a notification from BitOasis detailing that as of 16th May, they will not be able to withdraw Dirham. Users have one day to convert their funds into another cryptocurrency.
By June 16, those interested will be able to deposit their financial resources using a credit card with a reduced commission of 4%. According to BitOasis, only the Dirham/BTC pair was suspended, while BTC, BCH, ETH, XRP, LTC, XMR, and ZEC will continue to be traded as usual.
“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,” Arabian Business quotes, adding that: “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.”
It’s unclear how long Dirham will be suspended from the BitOasis exchange however, the company has confirmed to the users that it will resolve soon.
@bitoasis Hi Team,
I am very unhappy by seeing the message sent as the wire withdrawal will be blocked from May 15 which is so unfair.we purchased in high price and if we sell and withdraw the money,than it will be the loss and it also in a short time.
— PRAKASH KALAIMANI (@TRYAKASH) May 14, 2018
BitOasis that is present in the UAE, Saudi Arabia, Oman, Bahrain and Kuwait has had to deal with suspending the ability to withdraw a certain cryptocurrency in 2017, blocking the accounts at Noor Bank and Mashreq Bank. Users have had to wait for a long time both for checking the transactions and for withdrawing money, during which their dissatisfaction began to multiply. The reason was the same as now – pressure in the legislative system.
BitOasis was founded in 2014 by Ola Dudin as and “hybrid wallet/exchange“. The latest cryptocurrency added was Zcash, on 23 April. According to BitOasis, the platform seeks to become “the first digital asset company in MENA to be registered in a major technology center in the region“.