BitOasis in UAE - A Complete Guide 2024

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As the UAE aspires to become a center for the virtual asset industry, BitOasis, a Middle East-focused crypto exchange based in Dubai, has acquired provisional approval from Dubai's new crypto regulator.

Dubai, one of the UAE's seven emirates and the region's commercial capital, passed its first digital asset law this month and established the Virtual Asset Regulatory Authority (VARA) to supervise the industry.

Binance, the world's largest cryptocurrency exchange, and FTX Europe, which will establish a regional headquarters in Dubai, received virtual asset licenses this month. Bybit and Crypto.com, two global exchanges, announced this week that they will open offices in the country.

BitOasis, which was created in Dubai in 2015 and serves English and Arabic-speaking consumers in the Gulf and Middle East, said it will continue to operate in Dubai while applying for a full VARA license.

BitOasis had been registered with the central bank and was reporting anti-money laundering risks to the bank's financial intelligence unit before coming under VARA, according to the company.

As regional economic competition heats up, the UAE has been trying to strengthen the virtual asset industry and regulations in order to attract new forms of enterprise.

Regulators around the world are concerned about how a catastrophe in cryptoassets ” extremely volatile and opaque markets ” may affect the wider financial industry, and there is a global drive to regulate the sector.

About Bitoasis in UAE

BitOasis, based in the United Arab Emirates, is the region's largest and most trustworthy cryptocurrency platform. BitOasis, which was founded in 2015 and serves as the go-to site for both first-time cryptocurrency purchasers and expert traders, is a pioneer of the region's cryptocurrency ecosystem. BitOasis intends to provide the region's retail and institutional clients with the most secure and regulated cryptocurrency trading infrastructure.

For UAE users, all AED withdrawals take 3-5 working days to process (Sunday - Thursday), and there are no fees for fiat withdrawal requests. AED/SAR withdrawals in other countries covered by our fiat withdrawal services take 7-10 working days (Sunday - Thursday) to process.

How do I withdraw money from BitOasis in UAE?

Step 1: On the left side of your BitOasis dashboard, go to your 'Accounts' page and click the 'Withdraw' button in the account of the cryptocurrency you want to withdraw.

Step 2: Select "External address" as the beneficiary of your withdrawal.

In the 'Recipient Address' area, paste the bitcoin address you want to send them to, select the amount you want to send, and then click the 'Send BTC' button.

Note that before making any bitcoin withdrawal, you must consider the withdrawal fees and the minimum withdrawal amount.

For the transaction to be successful, your cryptocurrency balance must have a minimum cumulative total of the minimum withdrawal amount plus the withdrawal costs.

Step 3: Your order's summary page will display. To continue, click the 'Go to Withdraw History' button to confirm your order.

NOTE: Because of the way the blockchain is built, BTC withdrawals are irreversible. Before sending any money, please double-check the recipient's address.

“ You must submit the address for XRP withdrawals to an external wallet (adding the TAG will be optional). Make sure to check the "No Ripple Wallet Tag" box.

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