Pakistani Bank Asks Customers to Avoid Conducting Crypto Transactions – Regulation Bitcoin News

According to some reports, Bank Alfalah in Pakistan asked customers to refrain from conducting cryptocurrency transactions. Bank Alfalah’s action came shortly after the State Bank of Pakistan, the country’s central bank, submitted a report to the Sindh High Court recommending a complete ban on cryptocurrency.

Bank Alfalah asks customers to avoid conducting crypto transactions

Pakistani Bank Alfalah is said to have started to send SMS alerts to customers asking them not to use its bank channels to conduct cryptocurrency transactions.

Bank Alfalah, which was founded in 1992 is Pakistan’s biggest private bank. There are more than 800 ATMs in Pakistan and over 200 branches throughout the country. The Abu Dhabi Group owns and operates the bank. It has a presence abroad in Bangladesh, Afghanistan and Bahrain.

According to several media outlets, the bank’s text message to customers reads:

Dear Customer, Virtual currencies/coins/tokens, etc. They are not legal tender. The government of Pakistan, State Bank of Pakistan (SBP), has not issued them or given guarantees. Please avoid such transactions through any channels pertaining to Bank Alfalah.

The reports that Bank Alfalah sent messages to customers regarding cryptocurrency transactions were received less than one day after the State Bank of Pakistan submitted a report on crypto to the Sindh High Court. The central bank recommended that all cryptocurrencies are declared illegal and made unreachable. The SHC directed then the finance and law ministries to examine the SBP report, and make a decision on crypto’s legal structure.

Recently, the Pakistan Federal Investigation Agency issued a Notice to Binance regarding a scam that allegedly took over $100 Million from Pakistani Investors. One hundred sixty-four people were also seized by the Federal Investigation Agency (FIA) for having made transactions on Crypto Exchanges like Binance and Coinbase.

In addition, Propakistani reported last week that multiple banks have blocked their customers’ credit card transactions suspected of involving cryptocurrency. Customers who used Binance P2P to trade and buy cryptocurrencies were also frozen by banks.

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Bank Alfalah, Bank Alfalah bitcoin, Bank Alfalah crypto, Bank Alfalah cryptocurrency, Binance, Coinbase, FIA, pakistan, Pakistan banks, SBP, State Bank of Pakistan

How do you feel about Pakistani banks taking steps to stop crypto transactions? Comment below to let us know your thoughts.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.

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