BitOasis mentioned on Tuesday that it hopes it is “unfortunate” that Emirates NBD has stopped some transfers for customers dealing with blockchain-based cryptocurrency trading platforms.
In a statement, BitOasis mentioned the company “is working tirelessly” at solving “bottlenecks” generated by the exponential rise in request for its services throughout the GCC.
The statement said, “It is our understanding that Emirates NBD’s recent policy to halt transfers for customers with blockchain-based trading platforms applies not only to BitOasis but to similar companies in the blockchain space both locally and internationally.”
It also added, “It is unfortunate to see one of the UAE’s major financial institutions taking such a position on products built using this innovative and much in demand technology. We continue to actively build strong relationships with other leading financial institutions as well as regulators in the UAE, with the aim of fostering an environment more conducive to blockchain technology adoption.”
The statement appears less than a week after a local media outlet announced that BitOasis customers utilizing some local banks were having trouble withdrawing or depositing funds into their BitOasis accounts.
The statement said, “We currently do not have any issues with accepting or sending customer transfers to Noor Bank or any other UAE or GCC based banks as the article suggests. We are also currently engaging with other banks mentioned in the article to streamline and remove any friction to our customers banking there.”
In reply to BitOasis, Emirates NBD mentioned that it “does not prohibit customers from undertaking transactions involving blockchain-based trading platforms including transactions with BitOasis, other similar companies or any Bitcoin transactions.”
The bank said, “Emirates NBD does however have policies, systems and controls to detect and prevent financial crime including money laundering, terrorist financing and breaches of international sanctions in line with its regulatory obligations and the expectations of our correspondent banks. It is therefore possible that some transactions associated with Bitcoin may be rejected by Emirates NBD or as a result of rejections by other domestic or international correspondent banks.”
In addition, the BitOasis statement mentioned that, alike to other blockchain asset trading platforms throughout the world, “recent unprecedented growth, particularly in the last eight weeks, has led to unexpected delays in user verifications and withdrawals.”
To balance with the demand, BitOasis stated that they are trying to double capacity and invest more in infrastructure to permit “thousands” of new customers from the UAE and wider GCC to join.
more recommended stories
‘Bus on demand’ service will be trialled in the Al Barsha and Al Warqaa
Dubai’s Roads and Transport Authority’s (RTA).
Ras Al Khaimah has obtained a Guinness World Record for the World’s Longest Zipline
Ras Al Khaimah has obtained a.
A total of 3.72 million UAE customers lost around $1.05 billion to cybercrime in the previous year
A total of 3.72 million UAE.
Investor pumps $57.5 million into exchange for Ripple purchases
Investor pumps $57.5 million into exchange.
Saudi travellers utilize hotel mobile apps more than their counterparts in other parts of the GCC
Hoteliers in Saudi Arabia require to.
Saudi Aramco’s trading unit began exchanging the kingdom’s crude oil for products refined in other countries
Saudi Aramco’s trading unit began exchanging.
Saudi Arabian government has started to award contracts for the growth of a large business area in the northwest of the country
The Saudi Arabian government has started.
Consumer concerns about the impact of value added tax (VAT) in the UAE are reducing
Consumer queries about the effect of.
Etihad Airways has dragged its five Airbus freighters from service
Etihad Airways on Wednesday stated that.
ITP Media Group titles will only carry Year of Zayed banners on their digital portals
ITP Media Group titles will only.