Ripple added to BitOasis exchange

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Ripple added to BitOasis exchange

Earlier this Sunday, BitOasis the Dubai-based cryptocurrency exchange announced that Ripple would soon be joining the league of tradeable cryptocurrencies on their website. Consequently, XRP Ripple witnessed a price boost.

BitOasis’ announcement
Founded in 2014, Bitoasis has glued its place amongst the most promising UAE-based startups. Before Ripple joined the list, the cryptocurrency company allowed only Bitcoin and Ethereum trade via their site. But this Sunday, it announced that it will be extending the trade opportunities to Ripple enthusiasts too. According to their statement, the addition of XRP trading to the list is in response to their customer’s “increasing demands”. “we’ve decided to introduce XRP trading to meet the increased demand from our customers to add to the list of major cryptocurrencies and digital assets offered on our platform.”- BitOasis said.

It continued “as one of the largest and fastest-growing companies in the blockchain space in the region, we’re committed to providing our customers with a secure way to buy and sell Bitcoin, Ethereum and now, Ripple.” – BitOasis further added.

Impact on Ripple’s price
Ripple’s price has been seeing a downfall since quite a long time but this announcement came as a sigh of relief to the investors. Post announcement, the graph rose to hit $1.40 followed by a fall bringing it back to $1.33. The characteristic volatility of the cryptocurrency could be witnessed as it again touches its low $1.04 today (Wednesday).

Financial security concerns
Concerning the financial security risks, Emirates NBD has reportedly blocked some transactions to BitOasis. Emirates NBD is one of the largest banking groups in the Middle East.

“It does not prohibit customers from undertaking transactions involving blockchain-based trading platforms including transactions with BitOasis, other similar companies or any Bitcoin transactions.”- Emirates NBD

Although Emirates NBD doesn’t seem to be prohibiting customers from trading in cryptocurrencies, it seems to be strict about its policies and systems keeping an eye on criminals misusing digital tokens. Consequently, traders might have to deal with transaction rejections and failure due to the strict policy and security systems implemented to prevent financial crimes.

“Emirates NBD does, however, have policies, systems, and controls to detect and prevent financial crime including money laundering, terrorist financing, and breaches of international sanctions in line with its regulatory obligations and the expectations of our correspondent banks”.

“It is, therefore, possible that some transactions associated with Bitcoin may be rejected by Emirates NBD or as a result of rejections by other domestic or international correspondent banks.”- NBD further added.

 

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