Dubai: BitOasis, the Dubai-based cryptocurrency exchange, said on Tuesday that it has been actively engaging with the UAE and other regional regulators and has received a “positive” response from them in supporting innovation in blockchain.
Responding to a Gulf News report on the company disabling transfers from Emirates NBD, Mashreq Bank and Noor Bank, BitOasis responded in a blog: “It is our understanding that EmiratesNBD’s recent policy decision to halt transfers for customers dealing with blockchain-based trading platforms applies not only to BitOasis but to similar companies in the blockchain space both locally and internationally.”
In response to BitOasis, Emirates NBD ‘s spokesperson told Gulf News in a statement that the bank does not restrict customers involving blockchain-based trading platforms including transactions with BitOasis, but it has systems in place to detect and act against any “money laundering, terrorist financing and breaches of international sanctions.”
“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,” said an Emirates NBD official spokesperson.
Engagement:
However, BitOasis declined having “any issues with accepting or sending customer transfers to Noor Bank or any other UAE or GCC based banks.”
Earlier, the cryptocurrency exchange had asked its clients to enter account details of banks other than Emirates NBD, Mashreq Bank and Noor Bank, which was later removed from the website.
“We are also currently engaging with other banks mentioned in the (Gulf News) article to streamline and remove any friction for our customers banking there,” Bitoasis said in the blog.
Meanwhile, the company said it has doubled its capacity and plans to invest more in its existing infrastructure amid unexpected delays in user verifications.
