A lot of positive things are taking place in the cryptocurrency world right now. While most countries are cracking down on cryptocurrency trading in one way or another, the UAE is preparing to embrace Bitcoin and other currencies once again. After a brief struggle, UAE exchange BitOasis has reinstated AED deposits and withdrawals.
Another Development for BitOasis Users
Buying and selling cryptocurrencies is a very interesting concept, albeit one that is often more difficult than anticipated. This is especially true when specific cryptocurrency exchanges decide to halt both deposits and withdrawals of a local fiat currency out of the blue. In the case of BitOasis, that decision was made several weeks ago, allegedly due to an issue with its banking partner.
Although the exact situation remains a bit unclear, the issue forced the company to suddenly disable all support for the United Arab Emirates dirham. Users had 24 hours to sanction wire transfers or complete fiat currency withdrawals. That deadline was eventually extended to June 4, which gave users a bit more time to get all of their things in order.
Indeed, it seemed the dirham would no longer be supported on the platform from that day forward. Fast forward to this week, and that decision has been reversed by the BitOasis team. Rather than blocking AED deposits and withdrawals, the exchange has reinstated the functionality. This indicates that the earlier issues have been resolved, even though it is still unclear what the root problem was in the first place.
Nevertheless, this is good news for all BitOasis users. Allowing customers to buy and sell Bitcoin with AED again is a positive development, even though it remains to be seen how long this functionality will remain in place this time around. Depending on how its partner bank behaves, it is possible there will be further issues down the line.
Given the Bitcoin price volatility ever since BitOasis decided to remove AED support, a lot of customers were left frustrated with the company’s decision. Some users were forced to liquidate their holdings at a loss out of fear of losing access to their money altogether. This has hurt BitOasis’s reputation in many ways, although it is expected that the platform will remain extremely popular in Dubai regardless.
One caveat is that customers of the Emirates NBD bank may still not be able to access AED features on the BitOasis platform. This particular bank was the original partner bank of the exchange, although it seems something has changed. Customers will be introduced to new payment options in the coming weeks, though no indication was given as to what those users can expect in this regard.