FIA investigation against Binance Pakistan agent, scam connections

The Federal Investigation Agency (FIA) issued an investigation action against an agent of Binance Pakistan. 

Pakistan is a country, where the crypto Industry is under the grey region. However recent activities by the officials of Pakistan hinted that Pakistan is in favour of regulating the crypto industry instead of following ban rules like China.

As we know that Binance exchange is trying to provide its services in almost every country. In Pakistan, Binance is providing its services openly, while Binance exchange has no license in Pakistan state bank to facilitate any kind of crypto-fiat services.

According to a press release of FIA, many people from Pakistan were trying to contact FIA Cyber Crime Sindh. All these people raised their voices against the multiple wallets, which stopped together at once. 

According to the allegations, raised by Pakistani people, MCX, HFC, HTFOX, FXCOPY, Okimini, BB001, AVG86C, BX66, UG, TASKTOK, and 91fp wallets are connected directly or indirectly with the Binance exchange. And all together started to stop work and also ceased their operations. 

“The modus operandi of these applications was to ask people for registration at Binance Crypto Exchange (Binance Holdings Limited) meant for trading in virtual currencies like Bitcoin, Ethereum, DogeCoin etc,” the FIA stated. “The next step was to transfer money from Binance Wallet to the account of that particular application.”

Allegedly the agent of Binance Pakistan was using crypto assets to transfer bank Money, which was an illegal means of offence, so FIA ordered to the agent of Binance Pakistan to explain all about these things. 

Through the requested letter, FIA ordered a cease and block transactions involved with the fraudulent activities. 

“At least 26 suspect blockchain wallet addresses (Binance wallet address) have been identified where fraudulent amounts may have been transferred,” the FIA said.  

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