As TechX Pakistan learned from previous events and investigations led by Federal Investigation Agency (FIA), the Pakistan Telecommunication Authority (PTA) would shortly ban websites that trade in cryptocurrency in the country.
PTA received a letter from the Federal Investigation Agency (FIA) in this regard, according to sources, and its enforcement division is now attempting to create a means to block these websites.
Earlier this week, the FIA indicated that it would approach the PTA about blocking cryptocurrency related websites in order to avoid fraud and money laundering.
Last Monday, a committee appointed by the Sindh High Court suggested that cryptocurrencies and associated activities be banned entirely in the country. The proposal was just the latest in a string of blows for cryptocurrencies in recent weeks.
It’s also worth noting that the Financial Investigation Agency (FIA) recently launched an investigation into a mega-scam involving 11 applications that were utilized by fraudsters to steal over Rs. 17 billion from Pakistani investors.
On December 2021, FIA had received complaint against at least 11 mobile applications which had stopped working over a period of time and allegedly defrauded their billions of Pakistani rupees. MCX, HFC, HTFOX, FXCOPY, OKIMINI, BB001, AVG86C, BX66, UG, TASKTOK and 91fp were the identified apps.
Hamza khan, Growth Analyst at Binance Pakistan, was issued an order of attendance by FIA Cyber Crime Sindh to explain his position and link of the fraudulent online investing mobile apps with Binance, FIA had said.
Although, Binance, the world’s biggest crypto exchange, announced its full cooperation with the FIA in the proceeding investigation of the Rs.18 billion scam due to the 11 fraudulent mobile apps.
Head of FIA cybercrime wing Imran Riaz, confirmed that Binance has reached out to FIA through telephone on Tuesday and confirmed its full co-operation with also an official e-mail confirming the same.
Thousands of people may have been deceived after depositing money in phony crypto schemes that promised them big profits, according to unofficial data.
To read our blog on “Credit cards and bank accounts used to trade cryptocurrencies have been frozen by FIA,” click here.