WIO Bank UAE adds virtual asset

[myself]

WIO Bank UAE just sent an email that they added support for virtual assets, a surprising step to me personally. The service is available through a local broker named FUZE. I counted 22 supported coins on the WIO app. I checked the buying price of BTC and it was 0.6% higher than Binance. I'm not clear about the fees yet.
You can buy directly from the WIO app using your WIO accounts. You need to hold a WIO bank account of course then register to the virtual asset service . The registration is straightforward and takes few minutes.

Regardless to how good/bad is their service, this adds relief that the normalization of crypto at local banks is becoming a reality.

 

[Martin Everson]

Sorry is this captive crypto trading i.e no transfer in/out of crypto?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[myself]

Martin Everson said:
Sorry is this captive crypto trading i.e no transfer in/out of crypto?
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That's what it seems. I didn't see any crypto deposit/withdrawal function on the app.

 

[Moonlighter]

You can't deposit or withdraw crypto and the total fees are roughly 1.5%.

Another local option is crypto.com, they enabled local USD deposits over Standard Chartered recently.

 

[myself]

Moonlighter said:
You can't deposit or withdraw crypto and the total fees are roughly 1.5%.

Another local option is crypto.com, they enabled local USD deposits over Standard Chartered recently.
Click to expand...

Should I assume that withdrawals from crypto.com to Standard Chartered is also not an issue? Or will they start asking questions when they see higher amounts?

 

[myself]

myself said:
Should I assume that withdrawals from crypto.com to Standard Chartered is also not an issue? Or will they start asking questions when they see higher amounts?
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... and like I said initially it's more the fact that a local bank is offering a crypto service than the service itself that I find attractive.

 

[PinkCat]

myself said:
Should I assume that withdrawals from crypto.com to Standard Chartered is also not an issue? Or will they start asking questions when they see higher amounts?
Click to expand...

Would like to know the same.
Also BitOasis is using Zand Bank (never heard of it) m2 is using ADCB (however no stable to AED trade yet) so i'm curious for those too

Do they suppose the exchange did the SoF, or they will hit you with it again?

Anyone tried 6 figure+ amounts, please let us know 🙂

 

[RickWolf]

It's a great first step, and opens the door to them and or other banks allowing the next step which is direct deposits from a crypto exchange, of course you will still need you documents to be in order but that isn't too difficult.

Another nice aspect is you can buy some crypto using their service; and now you have a SoF in the future. In my experience banks rarely ask for every details step A to B how your funds arrived, now you can show them statements from a legitimate bank you bought/sold bitcoin.