Pakistan has made headlines by dismantling a major cryptocurrency scam that defrauded investors of sixty million dollars. The National Cyber Crime Investigation Agency conducted coordinated raids in Karachi, arresting dozens of suspects involved in fake crypto and investment schemes. The fraudsters allegedly lured victims through social media and messaging apps with promises of high returns, showcasing fabricated profits before blocking accounts and transferring funds overseas. Authorities seized computers, mobile devices, international SIM cards, and other tools used to operate the scam.
This action comes as Pakistan prepares to regulate its cryptocurrency market more formally. The government established the Pakistan Virtual Assets Regulatory Authority to oversee virtual assets, enforce compliance, and implement licensing and anti money laundering rules. Under this framework, Pakistan has issued No Objection Certificates to global crypto exchanges Binance and HTX, allowing them to begin registration procedures and prepare full license applications once the legal requirements are finalized. While these certificates do not permit immediate operation, they represent an important step for international platforms seeking to enter Pakistan's growing crypto market.
Officials have emphasized that cracking down on fraudulent schemes while creating a regulatory path reflects Pakistan's effort to encourage responsible innovation and protect investors. Partnerships and discussions with platforms like Binance on blockchain initiatives indicate the country's interest in integrating digital asset technology into its financial ecosystem.
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