Things have been going down in Pakistan following a huge Binance related scam where the country lost approximately 1 billion Pakistani rupees. The fraud involved multiple Binance users who were asked to deposit cryptocurrencies to a third-party wallet. Within a short time, the country’s authorities were busy handling complaints from investors who lost their money. Following that incident, the Pakistani authors sent legal notices to local representatives of Binance demanding an explanation. However, the people who lost their money did not yet get anything back. Binance couldn’t assure anything either, and the chances of retrieving those amounts are very slim. After this fiasco, there was a sudden wave of anti-crypto sentiments in the country. Pakistan’s Sindh High Court took it a level further with a proposal to ban all cryptocurrencies and make it a punishable offense to trade crypto.
According to local media outlet Samaa TV, the Sindh High Court present a proposal to higher authorities seeking a blanket ban on all cryptocurrencies. The report cited 11 countries that have already banned cryptocurrencies and urged Pakistani authorities to do the same. The State Bank of Pakistan has also expressed its support in banning all cryptocurrencies and is presently working in close cooperation with the Sindh High Court.
Pakistan has one of the highest crypto adoption rates in the world. If cryptocurrencies are banned in the country, it will have a huge impact on the global crypto market. While the speculations around the ban are just beginning to surface, there is no conclusive statement from any authority as of now.