Pakistan to Investigate Binance for Fraudulent Scams


Binance is a trusted and reputable crypto trading platform that has been in business for years now. The platform is known to be one of the largest crypto trading platforms up to date and it gives its users lots of potentials to earn money. Sadly this also opens up a lot of opportunities for scams which is why Pakistan is currently investigating the cryptocurrency exchange platform. 

Binance is one of the largest crypto trading platforms right now

Pakistan Is Investigating Binance

Pakistan’s very own Federal Investigation Agency (FIA) stated that they have issued a notice to Binance about fraudulent mobile applications connected to a multi-million dollar scam. The FIA also issued an order of attendance to the general manager of Binance Pakistan, Hamza Khan. Demanding an explanation of Binance’s connections with these fraudulent mobile applications. 

The Multi-million Dollar Scam

The investigation agency is looking into multiple online investment frauds in Pakistan that are preying on hopeful and gullible investors. The promise of high return with little investment is most likely the bait.

The agency also received numerous complaints from their citizens stating that their funds were stolen when their mobile applications stopped functioning. Another thing worth mentioning is that the victims were also asked to join Telegram groups as well.  

Pakistan's Federal Investigation Agency issues notice to Binance for fraudulent activities

With this in mind, the FIA has also contacted Telegram authorities to help them in the search of fraudulent apps that may claim multiple victims in the future if left unnoticed. The FIA has also contacted Binance to help them identify the details on the fraudulent blockchain wallets.

Lastly, the FIA has stated that if Binance fails to help them identify these third-party wallets, the investigation agency will give them financial penalties which is something that no exchange platform wants. And considering Pakistan is a major country for crypto adoption, it won’t be favorable for Binance to refuse them.  

According to the FIA, Binance is linked to multiple fraudulent online investment mobile applications


Overall, Pakistan is a major crypto hub known for its large crypto adoption. Scams taking advantage of eager crypto investors are only to be expected. The Federal Investigation Agency is demanding that Binance help them with the investigation however an official statement from Binance is yet to be heard.

We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.


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