BitOasis update on the rise of digital assets and blockchain adoption in the UAE and GCC region

As adoption of digital assets and blockchain technology is on the rise worldwide, we at BitOasis are seeing an exponential increase in demand for our services in the GCC region. We welcome this growth but we also acknowledge that this might create bottlenecks which our new clients may temporarily experience from time to time. We would like to assure our longstanding clients and partners that the team at BitOasis is working tirelessly at resolving these issues.   

One of our top priorities is to ensure we operate transparently and communicate openly with all of our customers. As such we would like to respond to a Gulf News article published on Thursday January 10, under the title ‘Bitcoin investors angry after BitOasis disables transfers’.

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. 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 engage and 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.

BitOasis does not, at present, nor ever has, maintained a banking relationship with either of Emirates NBD or Noor Bank. We continue to have excellent relationships with our local banking partners since the launch of our platform in 2015. 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 for our customers banking there.

Furthermore, we have been actively engaging with regulators locally in the UAE and in the GCC, and have received a positive reception to supporting local innovation in the blockchain and digital assets space. The cooperation and positive reception we have been receiving from local banks and regulators is a testament to the UAE's openness to technological innovation and its leadership's continued commitment to, technology and entrepreneurship. 

Similar to other leading international blockchain digital asset trading platforms, the recent unprecedented growth experienced, particularly in the last eight weeks, has led to unexpected delays in user verifications and withdrawals. We have been actively working since then to double our capacity and invest more in our existing infrastructure in order for us to continue serving our existing customer base and also welcome thousands of new customers from UAE and GCC to our website. 

As one of the largest and fastest growing companies in the blockchain space in the UAE, we're committed to providing the best and most secure trading platform in the region for our customers. We strive everyday to improve our services in order to meet the growing demand of our customers. Hence, we have recently secured a large equity financing round from reputable investors such as KBBO Ventures, Wamda Capital, Pantera Capital, Jabbar Group, among others, that we will be announcing soon. These funds will go towards ensuring a secure and seamless user experience on our platform and ensuring that we maintain healthy relations with all banks and regulators in the region.

BitOasis Technologies is the Middle East & North Africa’s largest and most secure online digital asset platform. Established in 2015, BitOasis is based in the United Arab Emirates (UAE) and currently aims its services at professional traders and investors from the GCC region, with plans to expand to the rest of the MENA market.

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