Cryptocurrency trading has become a norm of the present era, with a number of world population moving towards digital currency. However, there are a few ambiguities regarding its use, as many believe that it is being used in illegal trading and on the dark web. Therefore, many states are prohibiting its use. In line with that, the Federal Investigation Agency (FIA) has frozen the bank accounts of 1,064 individuals involved in crypto trading on the basis of a one-month-old request received via the Cyber Crime Reporting Center (CCRC) in Islamabad.
FIA to Freeze Accounts & Credit Cards of those Involved in Crypto Trading
As per the sources, a regular inquiry had been registered under RE-955/2021 a couple of months ago against the profiles of 1,064 individuals who did 2,923 transactions. The value of the transactions was equivalent to Rs. 51 million and they were carried out through numerous online exchanges, which include Binance, Coinbase, and Coinmama.
Furthermore, according to the sources, credit cards linked with bank accounts, which had imprints of transactions in cryptocurrencies, were blocked by numerous banks. In addition to that, the bank accounts of people who had been using Binance P2P to purchase or sell cryptocurrencies were also seized.
The federal agency has already been probing the aforementioned samples of digital transactions for a number of months. It is a clear demonstration of how strict the federal watchdog’s policies have become, and the pace at which it is implementing them.
Also, it is relevant to mention here that in principle, the trading of virtual assets is banned under the State Bank of Pakistan’s Circular No. 3 of the Banking Policy and Regulation Department (BPRD). After the aforementioned discussion, we can say that anyone who goes through Pakistani banks or cards to trade cryptocurrency, their account may get suspended for an infinite period of time.