FIA is Freezing Credit Cards and Bank Accounts for Trading Cryptocurrencies

The Federal Investigation Agency (FIA) has seized bank accounts of 1,064 individuals based on a month-old request received through the Cyber Crime Reporting Center (CCRC) in Islamabad.

Sources told ProPakistani that a regular inquiry had been registered under RE-955/2021 on 27 September 2021 against the profiles of 1,064 individuals who had carried out 2,923 transactions worth a whopping Rs. 51 million through numerous online exchanges, including Binance, Coinbase, and Coinmama.

Sources said that credit cards associated with bank accounts, which had traces of transactions in cryptocurrencies, were blocked by multiple banks. Moreover, the bank accounts of individuals who had been using Binance P2P to buy or sell cryptocurrencies were also frozen.

FIA has already been investigating the aforesaid instances of digital transactions for months, a strong indication of just how stringent the federal watchdog’s policies have become, as the country gradually comes to grips with the possibility of safekeeping fiat cash by exchanging it with cryptocurrencies.

It is pertinent to note that in principle, the sale and purchase of virtual assets are prohibited under the State Bank of Pakistan’s Circular No. 3 of the Banking Policy and Regulation Department (BPRD) dated 6 April 2018.

In light of these revelations, anyone who goes through Pakistani banks or cards to buy or sell cryptocurrency, their account may get suspended for an indefinite period of time.

Historically, despite the fact that the problem of regulating digital currencies is still unaddressed in Pakistan, the country is among the top 15 in the world for digital currency adoption as of July 2021.

According to Chainalysis, Pakistan received more than USD 1.5 billion in crypto-cash last year, with many analysts predicting that it might have been much higher in 2020-2021 if crypto transactions were facilitated and regulated.

    • Useless citizen, your CNIC must be revoked by the Government. Everything takes time or you must leave immediately

  • Idiot Jaahil Politicians, Baabus and Generals are ruining every opportunity for Pakistanis. These politicians are making sure that Pakistan remain a 3rd world country and never progress. Blockchain is a huge opportunity for the Pakistani economy and our Baabus are trying to stop this technology to come to Pakistan.

  • The govt need to regulate instead of freezing. If there is fear of FATF the state must introduce a new tech to regulate such currencies for own benefits as well. Huge amount will inflow into Pakistan. The state can also get huge benefits if imposes taxes on the individuals who use crypto..but the freezing is nonsensical. Am not using it but I see poor students do business on crypto to pay their fees of hostel and University. Further the expenditure increases it will mount up the GDP as well.
    Commenting under my studies on crypto currency 🤔

  • Coinbase doesn’t support Pakistan so how are Pakistanis using it? Also how can they track binance P2P transactions?

    • Coinbase thing is fake, you cant pay to coinbase via any method …. P2P on Binance can be tracked if you transact with alot of ppls … Who dosent relate to you and thise transactions are random figures random timing etc etc ….

      • I have 3 years old coinbase account with many transactions & a few days ago coinbase enabled debit card option for my account and i was able to purchase Bitcoins with it as well. In my friend coinbase account debit card option is enabled as well but he can’t make any purchase because weekly limit is displaying zero in his account.

  • bas politicians aur Gernailon ka pakistan reh gya awam war gai bc koi tu in logon pe bhi khud kush hamla kre kahan mar gaey saray taalibaan…..koi awam keley jaga na rehnay dena jahan se kuch kama saken

  • In a country where the quota of people with disabilities is found in bribes, the rulers of that country will never want anyone to make money from crypto.
    My guilt is that my Lord has made me disabled.
    If I run a cryptocurrency stove, these rulers will not like it.
    They love to go to ceremonies and give wheelchairs to people with disabilities to make a few pitchers.
    Let the lint be written on the people who eat someone’s hook and do not give them less than their halal money.
    Then where do we disabled people go?

  • Regulate Crypto or resign PM Imran khan. because Now we are thinking that we just waste our vote.

  • Regulate crypto in PAK will be wise move, so use your minds my dear, don,t listen to sheep’s, be a lion.

  • The govt should rank the cryptocurrency to industry level. We are investing our own money not the govt money. If the govt announce that the crypto must be illegal in pakistan then the pakistani people need to to protest in the front of parlement house for their right. They think that the pakistanis remain slaves and poor.

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