Call to Action: Legalize Crypto and Binance in Pakistan to Protect Citizens from Scams
I would like to highlight a growing concern for crypto traders and investors in Pakistan. Due to the unclear legal status of cryptocurrency and platforms like Binance in the country, many people are forced to operate through informal or risky channels, making them vulnerable to fraud and scams.
Recently, I became a victim of a scam during a P2P transaction, where a buyer paid using someone else’s account and then falsely reported the payment as fraud after receiving the crypto. This kind of fraud is becoming more common due to the lack of proper regulation, oversight, and legal protection for crypto users in Pakistan.
I sincerely appreciate the recent steps taken by the Pakistani government and regulatory bodies to explore the legalization of crypto and the potential regulation of platforms like Binance. These are positive developments, and I urge the authorities to accelerate this process to ensure safety, transparency, and protection for all stakeholders involved.
Legalizing and regulating crypto in Pakistan will:
Reduce scams and fraud by enabling legal protection and dispute resolution.
Create job and investment opportunities in the digital economy.
Promote financial inclusion and innovation.
Attract international partnerships and growth in the tech sector.
It’s time to embrace the future responsibly. We urge the Government of Pakistan, State Bank, and SECP to work together and make crypto legal and secure in the country—for the safety of the people and the progress of the nation.