Pakistan wants to block websites that deal with crypto according to the Pakistani Federal Investigation Agency as we read further in today’s cryptocurrency latest news.
The decision followed a meeting with the agency and the State of Pakistan which recommended a complete ban on crypto. Pakistan wants to block websites even that have to deal with crypto. The FIA is a border control, criminal investigation, and security agency under the control of the Interior Security of Pakistan as per the Pakistani government website. FIA Director-General Dr. Sanaullah Abassi said that this agency will approach the Telecommunication Authority to block crypto websites and prevent fraud and money laundering.
His statement followed a meeting he had with the senior officials of the State Bank of Pakistan and the FIA chief said that the SBP officials gave a presentation of the meeting about the regulating mechanism. During the meeting, the officials also noted that the central bank submitted recommendations under the direction of the Sindh High Court and the legal framework for crypto but the State Bank recommended a complete ban on crypto.
Outlining that his department is concerned about fraud and money laundering the FIA director noted:
“Crypto has given a new dimension to fraud.”
The FIA chief also proceeded to discuss existing Pakistani laws like the Prevention of Electronic Crimes Act, the Anti Money Laundering Act, and the Foreign Exchange Remittance Act. He noted that they do not contain provisions for the illegal use of crypto. In addition, the meeting with the SBP officials outlined that Pakistan doesn’t really have a regulatory framework for virtual asset service providers in order to comply with the FATF requirements. Abbasi added that the agency initiated a probe into the financial scam after 11 apps linked to crypto exchange Binance stopped working with the scheme defrauding Pakistani investors of over $100 million.
As recently reported, Pakistan’s federal investigation agency issued a formal notice to Binance in an effort to try and identify the links in the multi-million dollar crypto scam in the region. The governemnt started a criminal investigation after getting plenty of complaints against the ongoing scam which involved misleading investors that send funds from Binance Wallets to unknown 3rd party wallets.
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