Crypto friendly UAE bank

[Cryptohodler]

So I have registered my company in Sharjah media City with business bank account in mashreq Neo biz.I have a resident visa and rent a apartment in Sharjah.I pay myself a salary into my personal account in USD.I intend to withdraw money from my personal account to deposit USD into binance via SWIFT to buy crypto for long term investment.so I won't be cashing out anytime soon.so my bank account will never receive money from crypto exchange.USD will only go in one direction from my account to crypto exchange.Does anyone know of any uae banks with usd currency account that will allow sending SWIFT to binance/bitoasis ?

 

[sinos]

What's the problem with Mashreq, don't you have a foreign currency account with them?

 

[Cryptohodler]

I do but I don't know if they will allow me to send money regularly to crypto exchanges or suddenly block my account causing inconvenience.I am wary of asking as it might draw.unnecessary attention to me.Someone with experience in uae might know which banks allow to send to crypto exchanges routinely without problems

 

[TheF]

Mashreq may overlook one or two small transfers but then you get in trouble. The same applies to most of the UAE banks as far as I know. Both personal and business accounts. Don't recommend to even try it.

 

[Fred]

They won't and close down you account if you keep trying after the first warning.

 

[overnbeyond]

So I have registered my company in Sharjah media City with business bank account in mashreq Neo biz.I have a resident visa and rent a apartment in Sharjah.I pay myself a salary into my personal account in USD.I intend to withdraw money from my personal account to deposit USD into binance via SWIFT to buy crypto for long term investment.so I won't be cashing out anytime soon.so my bank account will never receive money from crypto exchange.USD will only go in one direction from my account to crypto exchange.Does anyone know of any uae banks with usd currency account that will allow sending SWIFT to binance/bitoasis ?

I wouldn't really recommend BitOasis, besides you fund your account with AED and not USD.
P2P is pretty straightforward and fast.

 

[Cryptohodler]

If want to convert USD to crypto, its best to use a licensed exchange or brokerage. How much USD funds are we talking about? We could assist with you with fiat to crypto solution. Feel free to PM or email me.

It's not a one off transaction I am looking for. its more like I want to invest in crypto regularly for long term.lets say I want to send around 15000 or so usd to binance etc everyday from my salary account. that adds up to around 5M usd per annum. I need a solution for longer term

 

[TheCryptoAnt]

Visit the US and get an account there.

Well Fargo will open one on the spot, Chase will require POA and phone #.

UAE Bank/US Bank/Binance

 

[JackAlabama]

It's not a one off transaction I am looking for. its more like I want to invest in crypto regularly for long term.lets say I want to send around 15000 or so usd to binance etc everyday from my salary account. that adds up to around 5M usd per annum. I need a solution for longer term

For your gazilion usd per year, you better just do otc. Find a good trader and arrange.

 

[overnbeyond]

It's not a one off transaction I am looking for. its more like I want to invest in crypto regularly for long term.lets say I want to send around 15000 or so usd to binance etc everyday from my salary account. that adds up to around 5M usd per annum. I need a solution for longer term

I work with a swiss-regulated liquidity provider and market maker can assist if you need help.

 

[Cryptohodler]

For your gazilion usd per year, you better just do otc. Find a good trader and arrange.

I don't know what an OTC desk is exactly There are two OTC desks in Dubai. Coinsfera.com and cryptodesk.ae that I know of .Both charge around 3 % fees for buying USDT. that's too high for me.I am willing to pay at the most one percent fees for Fiat to stablecoin

 

[overnbeyond]

I don't know what an OTC desk is exactly There are two OTC desks in Dubai. Coinsfera.com and cryptodesk.ae that I know of .Both charge around 3 % fees for buying USDT. that's too high for me.I am willing to pay at the most one percent fees for Fiat to stablecoin

the names you mentioned are not licensed OTC trading desks in UAE and not money exchange services either, something like hawala offices run by Iranians and I don't think you want to declare your SOF from their offices.

 

[Cryptohodler]

the names you mentioned are not licensed OTC trading desks in UAE and not money exchange services either, something like hawala offices run by Iranians and I don't think you want to declare your SOF from their offices.

So what commission will a regulated OTC desk charge ? How come binance or kraken charge 0.2 to 0.5 % commission on a trade while these guys take so much.why do people go to them then anyways ?

 

[overnbeyond]

So what commission will a regulated OTC desk charge ? How come binance or kraken charge 0.2 to 0.5 % commission on a trade while these guys take so much.why do people go to them then anyways ?

are you saying why do people go to unregulated mone y xchange offices to trade crypto with ca sh?> hmm

 

[Cryptohodler]

are you saying why do people go to unregulated mone y xchange offices to trade crypto with ca sh?> hmm

Yes I understand now.transaction can't be traced back to you if no kyc documents are maintained.thanks.

 

[Tr0nad0r]

the names you mentioned are not licensed OTC trading desks in UAE and not money exchange services either, something like hawala offices run by Iranians and I don't think you want to declare your SOF from their offices.

Coinsfera seems to be popular enough to be mentioned in a Bloomberg article

https://www.bnnbloomberg.ca/tighter-bank-rules-give-dubai-s-crypto-shops-a-new-allure-1.1799729

 

[ecool]

Are there any updates on UAE banks that accept transactions to crypto exchanges? Difficult to understand how crypto is legal and there are legally registered exchanges in UAE with license from UAE government but banks block accounts because they transact to crypto exchanges...

 

[Novice]

Are there any updates on UAE banks that accept transactions to crypto exchanges? Difficult to understand how crypto is legal and there are legally registered exchanges in UAE with license from UAE government but banks block accounts because they transact to crypto exchanges...

Try binance p2p

 

[ecool]

Try binance p2p

Binance p2p you transfer money to another individual or company. That eventually will come to questions from the bank. What is the transfer for? Provide supporting documents, etc. Then is when problems come. Unless im missing something

 

[Fred]

Are there any updates on UAE banks that accept transactions to crypto exchanges? Difficult to understand how crypto is legal and there are legally registered exchanges in UAE with license from UAE government but banks block accounts because they transact to crypto exchanges...

You need to understand that Correspondence Bank Relationships became much more expensive and in general the Relationship became worse because the UAE is doing very well dark grey area stuff while being built on old school Correspondence Bank Networks.

No UAE Bank risks 95% of there Transaction Volume for 5% of Crypto Transactions (if even) just to loose potentially some Correspondence Bank Relationships.

Either you work yourself through the opportunities with try and error or you pay professionals for there knowledge.

NO UAE Bank ever needs to become Crypto Friendly because there are literally left and right 1000 ways to do it.