Thursday, November 14, 2024

Pakistan seizes over 1000 bank accounts for crypto currency trading

According to reports, the Federal Investigation Agency (FIA) has seized hundreds of bank accounts and credit cards used for bitcoin trading.

The agency acted in response to a request from Islamabad’s Cyber Crime Reporting Center (CCRC). According to reports, around $300,000 in transactions were made from these accounts and cards via digital asset exchanges such as Binance, Coinbase, and Coinmama.

The FIA has confiscated accounts belonging to 1,064 people. It also disabled their credit cards, which they used to acquire and trade digital currency, according to the publication.

In April 2018, the State Bank of Pakistan (SBP) issued a circular prohibiting the acquisition and trade of cryptocurrencies through its Banking Policy and Regulation Department.

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