Waqar Zaka appeals to CJP for $ 2 Billion fine on Binance

Waqar Zaka, a notable crypto enthusiast and member of the Technology Movement Pakistan, has appealed to the Chief Justice of Pakistan (CJP), requesting a staggering $2 billion penalty against Binance and other cryptocurrency firms. Zaka’s letter meticulously details Binance’s alleged violations of Pakistani corporate and financial laws, as well as the fundamental rights granted by Pakistan’s 1973 Constitution.

Zaka cites Binance Holdings Limited’s recent guilty plea on November 21, 2023, as evidence of the urgency of the matter. The world’s largest cryptocurrency exchange agreed to pay more than $4 billion to resolve a Justice Department investigation into potential breaches of the Bank Secrecy Act, failure to register as a money-transmitting corporation, and the International Emergency Economic Powers Act.

Binance has played an important role in the Pakistani crypto ecosystem since its inception in 2018. With thousands of Pakistani customers regularly trading on the site, the nation has emerged as a major contributor to Binance’s considerable income.

In his petition to Pakistan’s Supreme Court, Zaka cites Article 184(3) of the Pakistan Constitution of 1973, seeking the court to take Suo Motu notice of the alleged blatant violation of Pakistani laws and the constitution. Zaka wants to put a halt to what he calls a “travesty of justice” by seeking a $2 billion fine on Binance Holdings Limited and its CEO, Changpeng Zhao.

Zaka expresses optimism that the Supreme Court would address the issue with the seriousness it deserves, citing the Supreme Court’s historical position as the final refuge for anyone seeking protection of their fundamental rights.

What is interesting here is that Waqar Zaka was declared a proclaimed offender in the crypto case back in March 2023. An investigation officer submitted a final charge sheet in December, stating that Zaka was involved in luring the public into dubious online ‘Initial Coin Offering/Crypt Currency Courses.‘ According to the allegations, he utilized social media platforms to urge young people to engage in risky business, in violation of the State Bank of Pakistan’s limitations. The charge sheet included shocking charges that Zaka used his salary bank accounts for international transfers, questionable activities, and fundraising.

Read the complete story here: Court Declares Waqar Zaka Proclaimed Offender In Crypto Case

This appeal comes at a time when international concerns about bitcoin exchange regulation and compliance are escalating. Binance, a prominent market participant, is being investigated not just in Pakistan but also in other countries. The Supreme Court’s decision on whether to hear the case and impose the proposed fine will undoubtedly have far-reaching implications for Pakistan’s crypto landscape, adding a critical chapter to the ongoing debate on legal accountability in the rapidly evolving world of cryptocurrency.