UAE Business Bank Account and Crypto Exchanges

[yoyodubai]

Have you had good success or issues when using a crypto exchange/provider (Coinbase, Kraken, Circle, etc.) to off-ramp crypto to fiat and withdraw to your UAE business bank account?

The crypto that is being deposited with an exchange has been received as payment to a private wallet address. The USDC will be converted to USD and then withdrawn to the business bank account. 100% kosher.

Client pays in crypto (USDC) --> private wallet address --> exchange --> USD to business bank account.

 

[CyprusLawyer101]

Thats possible. You need to see though whether your bank in Dubai will accept the incoming from crypto exchange.
Also if this is a business dealing you may assign a private wallet to your company and it will be considered an own funds conversion.

 

[yoyodubai]

This is the difficult part: "your bank in Dubai will accept the incoming from crypto exchange."

Most of the time you won't know until after the fact. That's why I wrote the post to gather more info on what's worked for people on here. I suspect it should be fine as each payment has a corresponding invoice plus it's off-ramping not trading and the money goes to the business bank account. But perhaps that doesn't matter. Cautious about it all.

 

[CyprusLawyer101]

yoyodubai said:
This is the difficult part: "your bank in Dubai will accept the incoming from crypto exchange."

Most of the time you won't know until after the fact. That's why I wrote the post to gather more info on what's worked for people on here. I suspect it should be fine as each payment has a corresponding invoice plus it's off-ramping not trading and the money goes to the business bank account. But perhaps that doesn't matter. Cautious about it all.
Click to expand...

Find out from outside sources whether your dubai bank accepts incomings from crypto exchanges first and then make any move.
Alternatively there are a few confirmed options out there where you could open an account and receive the fiat from the exchange.

Last edited: Apr 23, 2023

 

[yoyodubai]

CyprusLawyer101 said:
Find out from outside sources whether your dubai bank accepts incomings from crypto exchanges first and then make any move.
Alternatively there are a few confirmed options out there where you could open an account and receive the fiat from the exchange.
Click to expand...

Yes, for sure. That's why posted on here to try and get some folks experiences. Appreciate your input.