Can this help crypto retailers in the UAE?

[myself]

The article says: “The newly acquired VASP license permits Binance not only to cater to institutional and qualified investors but also to pioneer retail cryptocurrency trading.”
Do you think this will help resolve the crypto banking situation for retailers in the UAE?

https://www.binance.com/square/post...ign=app_square_share_link&utm_source=copylink

 

[TheCryptoAnt]

Honestly, no.

Banks there are allergic to anything crypto related unless you have a priority‌ (sometimes private) banking relationship and even then you have explain yourself and what you do‍ to a bunch of people on the regular.

Personal experience.

Theres ways around this tho,⁠ but you have to plan tightly and honestly its just easier to use a bank⁤ that wont give you headaches.

 

[JackAlabama]

not really. This is determined mainly by the central bank but mostly⁠ from the correspondence banking network of the usd.

 

[Wellington]

Taiwan - Far Eastern Merchant Bank

They work with commercial crypto companies or companies that‌ work in the Web3 space

https://www.feg.com.tw/en/business/company.aspx?id=78
They have access to both SEPA and Swift but‍ also have access to regional rails such as SGD rails etc

Good service - and⁠ speedy settlements

Also can get personal private and personal consumer focused banking.

 

[Wellington]

Just one thing of note - Binance these days much like other⁠ major crypto exchanges that have been targeted or have accessibility to the US will be⁤ honey pots for data gathering - best to look at some sort of off-chain confirmer⁣ to a consolidation wallet and cash out manually via domestic OTC or similar.

 

[uranium]

Do they onboard UAE company?

 

[PinkCat]

I hear UAE banks attitude toward crypto might change soon, anyone else heard something like‌ that from reliable source? (mine is mostly rumour based)

 

[TheCryptoAnt]

In addition to this, Binance currently has NO fiat ramps, mfs tell you to use⁣ P2P lol
(For corporate, but retail doesnt have neither)

 

[PinkCat]

P2P is an elegant solution to the ongoing issue of exchanges with banks. I'm surprised that‍ more exchanges aren't doing it.

 

[JohnLocke]

and in what direction it goes?

 

[JackAlabama]

they cant decide that much, the usd correspondence bank do (and to way lesser extent the‍ euro ones).

 

[PinkCat]

Considering the attitude now‌ is negative, and there will be CHANGE, the only other direction is positive?
I'm doing crypto related transfer even now in USD⁤ and EUR with US and EU banks. So there ARE crypto friendly correspondence banks, but⁣ not UAE ones.

 

[TheCryptoAnt]

yeah g try to‍ P2P half a milli lets see how that goes lol

 

[PinkCat]

Yeah not optimal for me, but the amounts you can do‍ are fine for 95% of the people.

 

[JackAlabama]

well sure, why would they allow competition for others when its⁤ so easy to stop it 😉

 

[PinkCat]

Because there are hundreds of banks worldwide and not‍ all of them think in unison. Some have specifically became crypto friendly to get a⁠ competitive edge over other banks.
Stopping is not as easy as you present it, in⁤ order to be effective most countries and banks should agree to act the same.