[ad_1]
A major bank in Pakistan has reportedly asked its customers to avoid cryptocurrency transactions. Alfara Bank’s actions come shortly after the country’s central bank, the State Bank of Pakistan, filed a report with the Sindh High Court recommending a blanket ban on cryptocurrencies.
Alfara Bank asks customers to avoid crypto transactions
Pakistan’s Alfalah Bank has reportedly started sending SMS alerts to its customers asking them to avoid using its banking channels for cryptocurrency transactions.
Established in 1992, Bank Alfalah is one of Pakistan’s largest private banks with over 800 ATMs and branches in over 200 cities across the country. Owned and operated by the Abu Dhabi Group, the bank has international operations in Bangladesh, Afghanistan, Bahrain and the UAE.
According to multiple media reports, the bank’s text messages to customers are as follows:
Dear customer, virtual currencies/coins/tokens etc are not legal tender, issued or guaranteed by the Government of Pakistan, State Bank of Pakistan (SBP) does not authorize or license any person or entity. Please avoid such transactions from any channel associated with Alfalah Bank.
Less than a day after the State Bank of Pakistan (SBP) filed its cryptocurrency report with the Sindh High Court (SHC), reports emerged that Alfalah Bank was sending customers information about cryptocurrency transactions.Central bank recommends cryptocurrencies outlawed and outright banned. The SHC then directed the Law and Treasury to review the SBP report and decide on the legal structure of encryption.
The Federal Bureau of Investigation (FIA) of Pakistan recently issued a notice to Binance regarding a massive scam allegedly involving the theft of over $100 million from Pakistani investors. Federal regulators also recently seized the bank accounts of 1,064 people who had traded on cryptocurrency exchanges such as Binance, Coinbase and Coinmama.
Additionally, Propakistani reported last week that multiple banks have blocked credit card transactions involving cryptocurrencies by their customers. Some banks have also frozen the accounts of customers who have been using the Binance P2P marketplace to buy and sell cryptocurrencies.
What do you think of Pakistani banks taking action on crypto trading? Let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused or related to the use of or reliance on any content, goods or services mentioned herein.
[ad_2]
Source link
