August 16, 2022

cryptocurrency: Why Pakistan has issued notice to cryptocurrency exchange Binance

Why Pakistan has issued notice to cryptocurrency exchange Binance

Pakistan‘s Federal Investigation Agency (FIA) has issued a notice to Binance, a cryptocurrency exchange, during the investigation of a cryptocurrency scam involving around 100 million US dollars, according to media reports.

Through a notice, FIA’s cybercrime wing has called the general manager or growth analyst of Binance Pakistan to appear and explain the organization’s position on the fraud, Xinhua News Agency reported citing FIA statement.

“A relevant questionnaire has also been sent to Binance Headquarters Cayman Islands and Binance US to explain the same,” the statement added.

Last month, people from all over Pakistan launched complaints to the FIA against at least 11 mobile applications which had stopped working over a period of time and allegedly defrauded their billions of Pakistrupees, Xinhua reported citing FIA.

Reports say that the people of Pakistan have purchased cryptocurrency worth USD five crores in just six months.

At least 1,064 people belonging to various private banks and foreign exchange firms carried 2,923 transactions worth billions of Pakistani rupees, according to Pakistan’s vernacular media.

FIA has started searching for investors and funders and as many as 1,054 accounts have been frozen.

In October 2021, a study revealed that Pakistan had witnessed a massive increase in cryptocurrency adoption during the past 12 months. The 2021 Chainalysis Global Crypto Adoption Index ranked Pakistan the third highest in terms of index score, Daily Pakistan has reported.

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