Pakistan’s FIA Plans to Block Over 1,600 Crypto Sites

To give context and a short recap over the events in Pakistan, the country’s FIA ( Federal Investigation Agency) has linked the popular crypto platform Binance to several multimillion scams.  In an attempt to minimize the damage the country and its citizens have over these scams, the agency has resorted to drastic measures.

The PYA Might Ban Over 1,600 Crypto Websites

Pakistan’s Federal Investigation Agency has already made moves regarding the case with Binance and has asked the platform to help them identify suspicious accounts and wallets. Now the agency is taking more drastic action by asking the PTA (Pakistan Telecommunication Authority) to help them save Pakistani citizens from falling into potential scams.

They’ve asked the PTA to ban over 1,600 crypto websites. The FIA Director Babur Bakht Qureshi originally had the intention of approaching the PTA to block some suspicious crypto websites for a while now. Especially websites that are suspicious of being involved with scams and money laundering.

The director has also stated the FIA is preparing a list of individuals that are involved in trading cryptocurrency. He mentioned that when cryptocurrency gets banned in Pakistan, the people mentioned in the list will be arrested. 

But he doesn’t stop there since Qureshi added that individuals who support and promote cryptocurrency in Pakistan will also be punished. They already have these people on their radar and they will be taking action towards them soon. 

Despite the Director’s provocations and threats, he isn’t 100% sure that the government of Pakistan will completely ban crypto.  Shibli Faraz, the country’s minister for science and technology stated that the government plans to “regularize” cryptocurrency in Pakistan. Furthermore, he added that other government agencies like the  Securities and Exchange Commission of Pakistan, the State Bank of Pakistan (SBP), and the finance ministry are making plans for it to happen. 

But due to the recent events with Binance, the SBP has already decided to ban cryptocurrency by asking the Sindh High Court on their report. The Sindh High Court on the other hand has asked other ministries to evaluate their regulation. 

Conclusion

This is scary news for crypto users in Pakistan. You could likely get arrested if the country decides to ban the use of cryptocurrency and even promoting it will lead to consequences. For now, we have to wait for the Sindh High Court’s decision so there still might be a chance that a complete ban won’t happen. 

* 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.