Bank of Maldives (BML) has stated that none of their services allow exchange of cryptocurrency.
Bank of Maldives (BML) has stated that none of their services allow exchange of cryptocurrency.
BML made this statement following former MP for Feydhoo Alhan Fahmy posting a video on social media X implying that cryptocurrency exchange is allowed via BML ATMs.
With a number of customers querying the veracity of this with BML, they responded that the bank does not provide cryptocurrency exchange services.
A statement issued by the bank states that American Express, VISA, MasterCard and cards from other international brands can be used via BML ATMs. They said that while the designated limit for each card can be withdrawn from ATMs, none allow one time withdrawals of USD 100,000.
They expressed concerns and condemned that a video using their logo is being circulated misleading the public into thinking the bank allows cryptocurrency exchange.
The video shows withdrawal of cash through using a VISA card issued by a crypto wallet.
In the video, he claims that money received through trading with the card can be withdrawn via BML ATMs. He also falsely claims that upto USD 100,000 can be withdrawn through using the card.
Central bank Maldives Monetary Authority also has previously said that the law does not allow for cryptocurrency transactions in any businesses run in the Maldives.
Although digital currency is gaining popularity, many countries do not officially allow business transactions via this.
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