The crypto exchange app Binance gets FIA notice in multi-million dollar scam

The crypto exchange app Binance gets FIA notice in multi-million dollar scam

January 7, 2022 0

What happened:

On January 7, the FIA’s Cyber Crime Wing issued a notice to the renowned crypto exchange app as they are investigating a multi-million dollar scam. Sindh’s Cyber Crime Winger issued notice to Binance’s general manager Hamza Khan as they asked the company’s linkage to the fraudulent online investment mobile application. A local publication quotes FIA Sindh’s press release, “Questionnaire has been sent to the Binance Headquarters in the Cayman Islands and Binance US to explain the same.”


At the same time, FIA’s press release also read that several online investment frauds operated in Pakistan on the pattern of Ponzi schemes. Alleging that the investors were promised high returns if more clients were brought for the company. The press release also added, “These schemes benefit old clients at the cost of new clients, and when they have made substantial capital worth billions they disappear.” FIA’s Cyber Crime Wing has highlighted that 11 mobile apps including, “MCX, HFC, HTFOX, FXCOPY, OKIMINI, BB001, AVG87C, and TASTOK,” had been reported by the Pakistani citizens that they stopped working after defrauding people.


However, FIA Cyber Crime Wing Sindh concluded their press release with, “In case of non-compliance, FIA Cyber Crume will be justified to recommend financial penalties on Binance through the State Bank of Pakistan.” This is not the first such fraud in Pakistan’s crypto world, as previously, another company owner fled after robbing millions of clients. 

Rana Abdullah Hammad
Rana Abdullah Hammad
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