Bank Accounts Seized By FIA For Dealing In Cryptocurrencies!

Bank accounts of 1064 individuals involved in trading cryptocurrencies have been seized by FIA. According to sources, the regular inquiry had been registered under RE-955/2021 on the 27th of September, 2021.

The inquiry was registered against the 1064 accounts that were involved in 2923 crypto transactions. These transactions were through different online exchanges, including Binance, Coinmama, and Coinbase. The transactions were worth an insane Rs. 51 million.

Credit Cards And Bank Accounts Suspended

A request by Cyber Crime Reporting Centre (CCRC) in Islamabad, a month ago, was the basis of the seizure of bank accounts. Even credit cards that were found to be involved in trading cryptocurrencies were blocked by their banks. Furthermore, bank accounts of individuals using Binance P2P to buy or sell crypto were also seized.

Federation of Pakistan Chambers of Commerce and Industry Report

The FPCCI has revealed that Pakistanis possessed cryptocurrency worth around $20 billion. Furthermore, the FPCCI president said that the valuation of the digital currency held by Pakistanis is based on the chamber’s research report.

Moreover, he also urged the government of Pakistan to introduce a policy to facilitate crypto transactions. The president also mentioned how India has introduced a policy in this regard.

He bashed the government on how the benefits of reduction of oil prices in the international markets are not being transferred to people. In addition, a report from Chainalysis states that the market of cryptocurrencies grew by 711% in Pakistan in the past year.

What Does The Law State?

According to State Bank of Pakistan’s Circular No. 3 of the Banking Policy and Regulation Department (BPRD) dated 6 April 2018, the sale and purchase of virtual assets are prohibited. FIA had been investigating these transactions for a while. Their actions reflect their strict policies around crypto trading.

According to the recent instances, anyone who trades crypto through Pakistani banks or cards is on the hit list for now. Their account may get suspended like a lot of others for an indefinite period.


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