Pakistan to shut down crypto-related websites as clampdown tightens

Pakistan's federal investigative agency (FIA), which deals with organized crime, reportedly requested the country's telecommunications authority to block websites dealing with cryptocurrencies.

Speaking at a press conference Saturday, FIA Director-General Sanaullah Abbasi said that the agency aims to prevent fraud and possible money laundering, English newspaper Dawn reported Sunday.

The director had met a team of senior officials from the Pakistan State Bank (sbp) at the cybercrime circle office before announcing the move. “The SBP officials gave a presentation in the meeting about a regulating mechanism,” Abbasi said at the press conference, mentioning the recent proposal made by the country’s central bank to ban crypto assets.

Calling for a new "dimension to fraud", the fia manager said his agency is looking to speak with legal experts to deal with fraud and other disadvantages of cryptocurrencies.

The FIA has also been investigating crypto exchange Binance after several users alleged that the exchange made them transfer funds in a third-wallet app. The alleged scam would have resulted in more than $100 million stolen from thousands of investors in Pakistan.

"the fia took action on the complaints of the population that they were deceived," said Mr. Abbai at the conference.

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