{"id":391634,"date":"2022-01-09T12:16:11","date_gmt":"2022-01-09T09:16:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/pakistan-to-investigate-binance-for-multi-million-dollar-crypto-scam\/"},"modified":"2022-01-09T12:16:11","modified_gmt":"2022-01-09T09:16:11","slug":"pakistan-to-investigate-binance-for-multi-million-dollar-crypto-scam","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/pakistan-to-investigate-binance-for-multi-million-dollar-crypto-scam\/","title":{"rendered":"# Pakistan to investigate Binance for multi-million dollar crypto scam"},"content":{"rendered":"<p>&#8220;<strong># Pakistan to investigate Binance for multi-million dollar crypto scam <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvMDE5ODg2YjUtOGJlMy00Njc2LWFhMzktMjZmZjY4MGM4ODMwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Pakistan&#8217;s Federal Investigation Agency (FIA) reportedly issued a formal notice to crypto exchange Binance in an effort to identify links around a multi-million crypto scam in the region.\u00a0<\/p>\n<p>The government of Pakistan started a criminal investigation after receiving numerous complaints against an ongoing scam that involved misleading investors into sending funds from Binance wallets to unknown 3rd-party wallets. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.dawn.com\/news\/1668151\/fia-issues-notice-to-crypto-exchange-binance-in-multi-million-dollar-scam\">According<\/a> to local coverage, the FIA\u2019s Cyber Crime Wing has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fia.gov.pk\/\">issued<\/a> an order of attendance to Binance Pakistan\u2019s GM Hamza Khan to identify the exchange\u2019s link to &#8220;fraudulent online investment mobile <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">KARACHI: Federal Investigation Agency (FIA) has detected an online fraud of Rs100 billion using a cryptocurrency and issued notice to the local representative of Binance, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance?ref_src=twsrc%5Etfw\">@cz_binance<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance?ref_src=twsrc%5Etfw\">@binance<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BinanceHelpDesk?ref_src=twsrc%5Etfw\">@BinanceHelpDesk<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BinanceUS?ref_src=twsrc%5Etfw\">@BinanceUS<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/3oukwzmDqh\">pic.twitter.com\/3oukwzmDqh<\/a><\/p>\n<p>\u2014 Innocent Pashteen\u270c (@FighterDawar) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/FighterDawar\/status\/1479415705892265984?ref_src=twsrc%5Etfw\">January 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n\u201cA relevant questionnaire has also been sent to Binance Headquarters Cayman Islands and Binance US to explain the same,\u201d read the notice. The investment frauds in Pakistan were carried out by asking users to register on Binance and transfer funds to 3rd-party wallets under the pretext of unrealistic returns. According to the FIA notice:<\/p>\n<blockquote><p>\u201cThese schemes benefit old clients at the cost of new clients and ultimately disappear when they have made substantial capital base worth billions of rupees.\u201d<\/p><\/blockquote>\n<p>Based on the complaints raised by the citizens, the Pakistani agency identified at least 11 fraudulent mobile apps that suddenly stopped working after successfully stealing the user\u2019s funds. The apps identified by FIA are MCX, HFC, HTFOX, FXCOPY, OKIMINI, BB001, AVG86C, BX66, UG, TASKTOK and 91fp.<\/p>\n<p>In addition to directing users to sign up on Binance to transfer the funds, the fraudsters added the victims on a Telegram group for providing \u201cexpert betting signals.\u201d Each application hosted around 5,000 customers on average. The notice added:<\/p>\n<p>\u201cAt least 26 suspect blockchain wallet addresses (Binance wallet address) have been identified where fraudulent amount may have been transferred. A letter has been written to Binance Holdings Limited to give the details of these blockchain wallet accounts as well as to debit block them.\u201d<\/p>\n<p>Binance has also been asked for details including official supporting documents and integration mechanism of the APIs that were used by the fraudsters to connect with Binance\u2019s services. While the FIA has proactively blocked the bank accounts that were linked to the suspicious apps, the notice warned:<\/p>\n<blockquote><p>\u201cIn case of non-compliance, FIA Cyber Crime will be justified to recommend financial penalties on Binance through the State Bank of Pakistan.\u201d<\/p><\/blockquote>\n<p>Binance has not yet responded to Cointelegraph\u2019s request for comment.<\/p>\n<p><strong>Related: <\/strong><strong><em>Pakistanis have $20B in crypto assets, says head of local association<\/em><\/strong><\/p>\n<p>In December 2021, the president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Nasir Hayat Magoon revealed that Pakistani citizens hold a combined crypto assets value of $20 billion.<\/p>\n<p>As Cointelegraph reported, the FPCCI president confirmed the numbers based on a research paper released by the chamber. Supporting the claim, the 2021 Chainalysis Global Crypto Adoption Index ranked Pakistan the third highest in terms of index score behind Vietnam and India.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/pakistan-to-investigate-binance-for-multi-million-dollar-crypto-scam\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Pakistan to investigate Binance for multi-million dollar crypto scam &#8221; Pakistan&#8217;s Federal Investigation Agency (FIA) reportedly issued a formal notice to crypto exchange Binance in an effort to identify links around a multi-million crypto scam in the region.\u00a0 The government of Pakistan started a criminal investigation after receiving numerous complaints against an ongoing scam&#8230;<\/p>\n","protected":false},"author":1,"featured_media":391635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvMDE5ODg2YjUtOGJlMy00Njc2LWFhMzktMjZmZjY4MGM4ODMwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,75014,74862,74894,74863,74860,71006,17320,70934,71101],"class_list":["post-391634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-binance","tag-bitcoin","tag-blockchain","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-fraud","tag-pakistan","tag-regulation","tag-scams"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/391634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=391634"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/391634\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/391635"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=391634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=391634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=391634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}