Pakistan FIA freezes more than 1,000 bank accounts used to trade cryptocurrencies

Pakistan’s Federal Bureau of Investigation (FIA) has frozen the bank accounts of 1064 individuals.

Officials claimed that these accounts were used to process transactions between some people and some cryptocurrency exchanges, with a total value of 51 million Pakistani rupees (approximately US$288,000), including well-known platforms such as Binance, Coinbase, and Coinmama.

The agency also blocked the credit cards they used to buy and sell digital currencies. The agency also reminded residents that the State Bank of Pakistan (SBP) issued a notice in April 2018 by its banking policy and regulatory authority prohibiting the purchase and sale of cryptocurrencies.

However, despite the ban, cryptocurrencies like Bitcoin are gaining popularity among investors in the country. According to a report recently released by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Pakistanis hold $20 billion worth of cryptocurrency.