Dear YallaBit Users,
We would like to update you on our latest news.
We have put all our focus on trying to solve the issue of KWD deposits, however, we have encountered another hurdle on our way in trying to solve the problem.
We previously mentioned the difficulty we faced in trying to find a payment provider as the closure of each payment provider came from their respective bank. Please refer to the original letter here.
With this said, our bank has asked us to close our account for the reason being, that our business is related to cryptocurrency. What that means, is that we will not be able to process KWD transfers as of today, Wednesday 11 November 2020. It saddens us to share this news with you.
We have changed our buy/sell commission to a flat 0.5% to allow our users to convert cryptocurrencies freely and at a low cost. This is to allow anyone wanting to withdraw their funds outside of YallaBit.
These are our current updates. It looks like Kuwait has taken a stance towards Cryptocurrency and there’s not much we can do here anymore. But if new developments come to light, we will keep you posted.
CEO of YallaBit