Emirates NBD Debit Card Banned for Crypto Trading: What Are Your Options?


Staff member
May 18, 2022
Dubai's Emirates NBD and the Future of Bitcoin

As the world increasingly turns to digital currencies as a form of investment, countries are grappling with how to regulate them. One country that has taken a strict stance on the issue is the United Arab Emirates, with its largest bank, Emirates NBD, implementing measures to restrict crypto trading on its platforms.
The move has been controversial, with some investors seeing it as an obstacle to their investment strategy, while others applaud the bank's cautious approach. In this article, we will explore the issues surrounding Emirates NBD and Bitcoin, and what the future may hold for digital currencies in Dubai and beyond.

Emirates NBD's Stance on Bitcoin

Emirates NBD is the largest banking group in the Middle East, with over 200 branches in the UAE alone. The bank has been clear in its position on cryptocurrencies, with its spokesperson stating in 2018 that the bank had banned transactions involving virtual currencies. This includes Bitcoin, which is the most well-known cryptocurrency in the world.
The bank has justified its stance by citing concerns over money laundering and fraud, both of which have been associated with Bitcoin in the past. However, some investors have criticized the bank's decision, arguing that it prevents them from diversifying their portfolios and potentially earning significant returns.

Emirates NBD is not alone in its stance on digital currencies. The Central Bank of the UAE has also issued warnings about the risks associated with virtual currencies, while the Dubai Financial Services Authority has proposed regulations to limit their use in the country.
Investors' Perspectives

The Emirates NBD ban on Bitcoin has received mixed reactions from investors. Some view the move as a wise precaution against the risks associated with virtual currencies, while others see it as a barrier to their investment strategy.

Those who support the ban argue that it will prevent potential investors from losing their money to fraudsters and criminals. They point out that Bitcoin has been used in numerous illegal activities, including money laundering, drug trafficking, and terrorist financing.
On the other hand, those who oppose the ban argue that it is a missed opportunity for investors to diversify their portfolios and potentially earn significant returns. They argue that Bitcoin has already established itself as a legitimate asset class, with numerous institutional investors such as MicroStrategy and Tesla investing billions of dollars in the digital currency.
The Future of Bitcoin in Dubai
Despite the current restrictions on Bitcoin in Dubai, some experts believe that the country may eventually embrace digital currencies as a legitimate asset class. They point to the increasing adoption of cryptocurrencies around the world, with countries such as Japan and Switzerland already implementing regulations to encourage their use.

In addition, there are signs that the UAE may be softening its stance on digital currencies. In 2019, the Dubai Multi Commodities Centre launched a new platform that allows investors to trade in cryptocurrencies, while the Abu Dhabi Global Market has also introduced regulations for digital assets.

The debate over Emirates NBD's ban on Bitcoin highlights the challenges that regulators and investors face when it comes to digital currencies. While some argue that strict regulations are necessary to protect investors from fraud and other risks, others believe that such regulations can stifle innovation and limit potential returns.
Ultimately, the future of Bitcoin in Dubai and the UAE as a whole remains uncertain. However, with the increasing adoption of digital currencies around the world, it is clear that this is an issue that will not go away anytime soon. As such, investors should remain cautious and informed when it comes to investing in cryptocurrencies, and should always seek the advice of a qualified financial professional before making any investment decisions.

The growing popularity of cryptocurrencies has led to an increase in demand for crypto trading apps. However, some banks, such as Emirates NBD, have banned all such trading apps, which has caused frustration for customers who want to purchase or trade cryptocurrencies. One such frustrated customer took to the online forum, Ask Dubai, to seek a way around the ban. The user inquired about online bank accounts that they could use to fund their crypto fiat wallet, to no avail. However, other users of the forum provided helpful suggestions, including buying crypto with cash in places like COINSFERA & COINTRAL, using the Binance P2P function, and wire transfers from ENBD to Binance. Some users also shared their experiences of successfully using Mashreq bank debit card and Liv. card to deposit funds on Binance. Although customers are facing challenges, the discussion on the forum shows that there are workarounds for those determined to invest in cryptocurrencies.