Friday, March 1, 2024

Waqar Zaka Asks Supreme Court to Impose $2 Billion Fine on Binance

Waqar Zaka, a member of Technology Movement Pakistan, has fervently urged the Chief Justice of Pakistan to impose a substantial $2 billion fine on Binance and other cryptocurrency companies. This impassioned plea stems from Binance’s recent $4 billion settlement for various legal breaches, highlighting the platform’s significant impact on Pakistan’s crypto landscape since 2018. Zaka grounds his appeal in Article 184(3) of the Constitution, urging the Supreme Court to address alleged violations and levy a hefty fine. He emphasizes the court’s historical role as a guardian of citizens’ Fundamental Rights, signaling a call for justice and accountability in the rapidly evolving crypto sphere.

This plea unfolds against the backdrop of global apprehensions regarding the regulation and compliance of cryptocurrency exchanges. The escalating debate underscores the need for legal frameworks to govern the burgeoning crypto industry, especially given the profound influence these platforms wield on national economies.

Zaka’s appeal encapsulates the broader discourse on balancing technological innovation with legal oversight, as nations grapple with the challenges posed by the decentralized nature of cryptocurrencies and their impact on established legal norms.

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