Crypto in the UAE: Navigating the Landscape of Bank Deposits and Withdrawals

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May 18, 2022
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Recently, there has been growing interest in the United Arab Emirates (UAE) regarding the use of cryptocurrency in banking transactions. However, despite the increasing popularity of cryptocurrencies, local UAE banks have remained skeptical about their use.

In response to this demand, some banks have begun to explore the possibility of allowing cryptocurrency deposits and withdrawals. However, this has proved to be a challenging task, as banks need to comply with strict anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

Some banks, such as ADCB, FAB, and ENDB, have been hesitant to allow crypto investments, and their lack of transparency has made it difficult for customers to make informed decisions. However, there are some banks that allow crypto deposits and withdrawals. For instance, Bitoasis deposits and withdrawals function through ENBD and EI for AED.

Binance, a popular cryptocurrency exchange, has obtained approval to operate in the UAE. However, as of now, there is no current date as to when withdrawals would be allowed in the UAE through Binance. Banks are a bit skeptical when it comes to crypto withdrawals, so it might take some time before this issue is resolved.

Regarding the choice of bank, some users recommend opening an account with foreign banks such as Swissquote, Seba, Sygnum, Bankfrick, Dukascopy Bank SA, and Maerki Baumann & Co. AG. These banks are known to be more crypto-friendly and allow customers to make cryptocurrency deposits and withdrawals.

In conclusion, if you are interested in opening a bank account for crypto deposits and withdrawals, it is important to do your research and find a bank that is transparent and allows cryptocurrency transactions. You can also consider opening an account with a foreign bank that is known to be more crypto-friendly. Additionally, be mindful of the regulations surrounding cryptocurrency transactions and always ensure that you are complying with AML and CTF regulations.