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Dealers: Bank accounts in the UAE do not accept transfers to sell Bitcoin – Local Economy

Cryptocurrency dealers said that they discovered the inability to receive financial transfers resulting from their investment in Bitcoin and the rest of the other digital currencies, confirming that they bought through international platforms that provide easy applications that enabled them to buy using their bank cards issued by state banks, whether card Direct debit from their account directly or from a credit card. They confirmed to Emirates Today, preferring not to mention their names, that the past 12 months have activated websites that have global platforms in promoting investment in Bitcoin and the rest of the digital currencies, and provided easy applications that display the 10 most important currencies being dealt in the market.

Buy and sell

They pointed out that the process of buying and selling takes place in a few seconds through these applications, but when they wanted to transfer the money obtained from the sale to their accounts again, they were surprised that the application informs them through a message that this is not possible, as they must have an account in one of the European countries That deals in euros.

They said that those who run the platform also explained the possibility of selling to a broker in the UAE, who is accredited and whose name appears in the application, who buys currencies for a lower amount, and then deposits the agreed amount in their bank accounts in the country, after which the sale is completed to this approved broker.

They added that there are no guarantees provided to them from these platforms, but they have not yet been exposed to fraud, but the rapid currency fluctuation caused some of them great losses.

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Standard level

During the past week, Bitcoin expanded its rise to a new record high of $ 56,000 during Friday’s trading before last, with the market value of the cryptocurrency exceeding the trillion dollar barrier for the first time, and then came back down as it was traded on Saturday at $ 46,000.

Earlier, experts said that there are official financial transfers to invest in cryptocurrencies, most notably Bitcoin, that takes place through investment companies licensed by the Central Bank, and through their official accounts in banks, in addition to the existence of websites promoting this type of investment, As well as those who use the state’s communication networks to invite investors via text messages to achieve record profits, targeting those who want to get rich quickly.

And they called on the Central Bank to intervene decisively towards some licensed investment companies linking with well-known global platforms for trading in virtual currencies, especially Bitcoin, pointing in this regard to the absence of legislation and laws that protect the rights of dealers.

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The newspaper tried to obtain a comment from the Central Bank, but it did not receive a response until the date of publication.

More than a year ago, the Central Bank warned against dealing in virtual currencies, because of the danger and suspicions they contain, as it may be an outlet for money laundering operations and the like, but until now, there are no official figures on the amount of money leaving banks towards these currencies or What are the controls that the Central Bank imposes on the companies that provide these trades via global platforms?


For her part, the banking expert, Awatif Al-Harmoudi, said that “digital currency transactions, foremost of which (Bitcoin), are informal and local banks cannot receive transfers resulting from their sale. They are illegal currencies and are not monitored by central banks or regulatory authorities around the world.”

Al-Harmoudi added that these transfers cannot be placed under normal transactions, due to the absence of official documents that confirm their legitimacy, and that they did not come through money laundering operations or illegal trade, for example, so banks cannot accept them.

She explained that brokers can transfer to bank accounts, if they are companies registered in the state, licensed and have official documents.

Awatef Al-Harmoudi:

• «These transfers cannot be placed under the usual transactions, due to the absence of official documents confirming their legitimacy».

• Cryptocurrency trading is informal, and banks cannot receive transfers resulting from selling them.

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