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Dubai Bitcoin Exchange Halts Fiat Withdrawals Due to Bank ‘Issue’

Dubai bitcoin exchange halts fiat withdrawals due to bank ‘issue’

Dubai Bitcoin Exchange Halts Fiat Withdrawals Due to Bank ‘Issue’


Dubai bitcoin exchange halts fiat withdrawals due to bank ‘issue’
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Dubai-based exchange BitOasis has suspended UAE Dirham/BTC trading, citing issues with the bank servicing the exchange itself.
A communication was sent to BitOasis users yesterday that starting Tuesday, no more dirham can be withdrawn from the exchange, leaving users with today only to move their balance elsewhere or top it up with more dirham if desired.
Dubai bitcoin exchange halts fiat withdrawals due to bank ‘issue’
Users wishing to make credit card deposits can do so at the discounted fee of four percent until June 16. According to BitOasis, the issuing bank of the exchange is the only problem, and the normal trading of cryptocurrencies such as BTC, BCH, ETH, XRP, LTC, XMR, and ZEC will continue as usual, as will cryptocurrency withdrawals from the exchange into private wallets.

Arabian Business quotes the statement as informing BitOasis users the following:

“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.”

There is no date as of yet for the reactivation of dirham withdrawals and deposits by wire transfer, although BitOasis have said it should be soon.

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.

The 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.

Featured image from Shutterstock.

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Published at Tue, 15 May 2018 06:32:36 +0000

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Max Keiser: BTC to $100,000

Ever-the bitcoin bull, Max Keiser has declared that he thinks bitcoin’s top will be $100,000. According to Russia Today, the network on which Keiser has a regular slot on global economics, Keiser stated in an interview that the  world’s leading digital currency is a “gift from God to help humanity”.

The cryptocurrency advocate went on to elaborate his predictions for the alt-coin market. For him, those currently at the top would likely remain whilst many would disappear:

“Ninety percent of trading is in the top 20 coins, and that will continue. Coins will come and go. The composition of the top 20 will change less frequently. It’s similar to the thousands of stocks that trade on the NYSE and NASDAQ. Over the years, many disappear, new ones are listed. The difference being that with crypto, things move 100 times faster.”

Keiser went on to critique bitcoin Cash. For him, the hard fork of bitcoin that occurred this August is merely an attempt to cash in on the brand name of bitcoin. The sometimes-explosive analyst referred to it as nothing more than an alt-coin and tantamount to plagiarism:

“bitcoin cash is an alt-coin that has its fans just like many alt-coins. I don’t think anyone who uses bitcoin’s name and applies it to an alt-coin like bitcoin cash does is adhering to acceptable business practices. In other words, bitcoin’s brand is being stolen by a competitor that calls itself bitcoin cash and this is outright fraud in my opinion, just like it’s fraudulent to use Coca-Cola and Nike’s name to sell soft drinks or shoes.”

When asked if bitcoin was hyper-inflated, he flipped the question on its head. Clearly, the interviewer meant was the price hyper-inflated, however, Keiser of course used the opportunity to rail against the dollar and the rate of inflation in the US. He spoke of the finite supply of bitcoin and how the number of Bitcoins minted is ever-decreasing. Of course, being a crytocurrency proponent, he measures wealth using a scale comprising of a certain flashy, wing-doored super-car:

“I can buy ten times more Lamborghinis this year than I could last year with the same amount of bitcoin. The US dollar is an inflating asset. There are trillions more of them every year. The amount I need to buy a Lamborghini keeps going up, not down. It’s garbage.”

He concluded by comparing those who don’t believe in bitcoin today with Michael Dell in the 1990s. The computer manufacturer called Apple an embarrassment and recommended that they shut down. Two decades later, Apple are one of the most valuable companies in the world and as Keiser reminds us: “nobody talks about Michael Dell anymore.”

 

Image: PixaBay

The post Max Keiser: BTC to $100,000 appeared first on NEWSBTC.

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