PTA to Block Cryptocurrency Portals to Avoid Potential Frauds

Crypto has Given a New Dimension to the Fraud

Federal Investigation Agency (FIA) Director-General Dr Sanaullah Abbasi said the agency will approach the Pakistan Telecommunication Authority (PTA) for blocking cryptocurrency portals to prevent fraud and possible money laundering.

He was talking to the media after holding a meeting with a team of senior officials of the State Bank of Pakistan (SBP) at the Cyber Crime Circle Office. The SBP team informed the participants of the meeting that the central bank had submitted recommendations recently under the directions of the Sindh High Court for regulating cryptocurrencies.

PTA to Block Cryptocurrency Portals to Avoid Potential Frauds

See Also: FIA Directs Authorities to Arrest Culprits Involved in Crypto Scam

The legal experts would also be approached to deal with fraud and other issues arising out of cryptocurrencies. The United States, United Kingdom and Canada have declared cryptocurrency legal but it is banned in China and other countries.

It was further informed that the SBP and the Securities and Exchange Commission of Pakistan have adopted a ‘prohibited approach’ and issued various instructions on VCs (virtual currency). The SBP had issued an advisory to the general public and banks to refrain from dealing with virtual currencies, initial coins offering, etc.

The FIA has taken action over complaints of the people that they have been cheated. He revealed that data was being collected about possible suspects involved in this scam with the citizens.

The FIA has recently initiated a probe into the mega financial scam after 11 apps linked to popular cryptocurrency exchange Binance had stopped working, defrauding Pakistani investors of over $100 million (Rs17.7 billion).

Check Also: Binance Offers its Full support to FIA in Ongoing Crypto Scam case

Source: Dawn

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Onsa Mustafa

Onsa is a Software Engineer and a tech blogger who focuses on providing the latest information regarding the innovations happening in the IT world. She likes reading, photography, travelling and exploring nature.

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