Urdubit, the Local Bitcoin Exchange, is Shutting Down for Good

Pakistan’s pioneer cryptocurrency exchange, Urdubit, is shutting down. The decision by the exchange comes in after State Bank of Pakistan barred all financial institutions from all cryptocurrency related transactions.

Urdubit was first launched in 2014 as cryptocurrency saw a boom and its value skyrocketed. It became first-ever Bitcoin exchange platform to open its operations in Pakistan.

Official Announcement

However, in the wake of the recent SBP decision, Urdubit has announced to put an end to its operations. The company announced the decision via a Facebook post saying;

Due to the current stance on Virtual Currencies by SBP we will be closing doors. Please withdraw your funds as soon as possible.
SBP nay update kia hay kay Virtual currencies allowed nahee hay Pakistan may. Is ko follow kertay howay hum apni operations band ker rahain hain. App please apnay funds withdraw kerlain.


Transactions Involving Cryptocurrency are Now Illegal in Pakistan: SBP

The company has asked its users to withdraw their funds effective immediately and do not book any more orders. The announcement further included;

We are closing Urdubit. Please buy BTC instantly as we are canceling orders on order book or withdraw your PKR immediately.

Rodrigo Souza, the co-founder of BlinkTrade – the company behind the open-source software that Urdubit used – said;

Governments and Banks are going to fight Bitcoin because investing in Bitcoin means a bank run on the central bank.

He further added that they are working on returning the money to their users that they have deposited.

SBP’s Decision

The Central Bank of Pakistan banned all financial institutions from dealing with crypto companies saying it poses a potential threat of using the currency for illegal activities. The notification reads;

Virtual Currencies/Coins/Tokens provide a high degree of anonymity and can be potentially used for facilitating illegal activities. Also due to the ambiguous nature of Virtual Currencies, no legal protection or recourse is available to any individual.

You can read in detail about SBP’s decision here.

  • really?

  • Arslan Ejaz

    Bitcoin will never be the future bcz human mind psychology accepts and promote only those things which he can control and manipulate. Unfortunately bitcoin is an opposite. Whereas blockchain technology itself can have a future if all of the world leading companies will implement this tech into their systems; Which is in current scenario seems highly unlikely.

    • Mohammad Shahbaz

      hahahahhaha tum sirf Pkr currency k like ho q k is saagy ki tumhari soch nhi hi Bilgates Or Russia ka presedent chootiya hen na jo itni bari bari invetsment kar k bethen

      • Arslan Ejaz

        Bro i said bitcoin not the tech itself. Think before you speak. I said highly unlikely not completely.

    • Yousuf Imtiaz

      All friends and viewers.
      Who they made They are testing this technology since 8 years and now they introduce to world… I agree with Mohammad Shahbaz… They are investing billions of dollars in these projects, And this year in 2018 Samsung is launching there asiic chips. Means There is potential investments on these projects……. And our govt. ban it bcz thy cant control the flow, So they cant take taxes from you. That why they are scared to adopt this technology…..