BitOasis interrupts deposits and withdrawals
BitOasis interrupts deposits and withdrawals

BitOasis interrupts deposits and withdrawals

By Fabio Lugano - 17 May 2018

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BitOasis interrupts deposits and withdrawals. Leggi qui l’articolo in Italiano.

As from the 15th of May, the BitOasis exchange, popular in the Middle East and North Africa, interrupted deposits and withdrawals in Dirham in AED, the currency of Dubai, where the company is based.

The announcement was made to the clients through an email, specifying that deposits with a credit card are still available for a month, with reduced fees (4%).

The discontinuation of the service is a result of an open hostility of banks towards cryptocurrencies and the exchange system.

On Twitter, the company talks about “integration problems” with the bank system, a euphemism to indicate the non-collaboration of affiliated credit institutions.

The exchange recommended to those who want to remain a client, to change eventual fiat cryptocurrencies and withdrawal them on the wallet just in case of necessity. There is still no certainty as to when the service will be available again.

In January there had been a similar problem, with the clients forced to change their account.

Moreover, at this stage, banks are becoming less and less cooperative with cryptocurrencies, on the basis of an undeclared
but evident war, in which they are driven by competitive reasons and also by central banks.

Let’s recall that in other countries, credit institutions have refused to cooperate with exchanges or with crypto-trading activities
in general.
For example, in India, Chile, Australia and even in the liberal Hong Kong.

This war has a cost for exchanges, but also for banks that cut themselves off from a market that moves 20 billion dollars daily.

BitOasis, with support also in Arabic, traded BTC, Bitcoin Cash, Ripple, Ethereum, Litecoin and, recently, had also added Monero and Zcash.

Fabio Lugano

Graduated with honors from Bocconi University, Fabio is a consultant for companies and wounded shareholders of the Banche Venete. He is also the author of "Scenari Economici", and lecturer and analyst of cryptocurrencies since 2016.

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