Pakistani Cryptocurrency companies are going to be banned soon by “Security and Exchange Commission Pakistan” (SECP) because they are all unauthorized. The SECP is shutting down the 9 firms for not following the rule of “crypto ban”. According to the reports, case has been filed regarding the shutting down of these cryptocurrency related firms and other fraud schemes. Legal proceeding has been started by SECP under the section 301 with 304 of Companies Act 2017.

Pakistani cryptocurrency companies 

The list of these 9 cryptocurrency companies are as follows:

  1. Ayat Enterprises SMC Pvt Ltd.
  2. IDF Enterprises Pvt Ltd.
  3. Humanitas Meritus Pvt Ltd.
  4. Memon Corporation Pvt Ltd.
  5. Gold Transmit Network Technology Pvt Ltd.
  6. Green Apple Super Market Pvt Ltd.
  7. Galaxy Typing Jobs SMC Pvt Ltd.
  8. 3-A Alliance Pvt Ltd.
  9. Pak Memon Impex Pvt Ltd.

Despite the fact that these companies are banned, the Finance Minister of Pakistan “Asad Umar” suggested to legalize and regulate these cryptocurrency.

cryptocurrencies are banned

The reason behind this ban is that some of these Pakistani cryptocurrency companies are unauthorized and they are accused of collecting deposits from the public. And with this money, they are illegally leasing houses, cars, electronic appliances and other goods. Some of the above mentioned cryptocurrency companies were undergoing fraudulent activities like fraud marketing services, pyramid schemes and other employment schemes illegally.

SECP stated the fact that these companies were leaving people hand to mouth. They were offering heavy profits to people by allowing them to invest in their business. Some of these Pakistani cryptocurrency firms are accused of offering MLM schemes.

For the first time Securities and Exchange Commission of Pakistan (SECP) has taken action against these fraudulent Pakistani cryptocurrency firms. On the other hand, the Finance Minister Pakistan, Asad Umar is positive about legalization of these cryptocurrencies. But he further emphasizes on the fact that there must be focus on KYC and AML policies, whenever they will be legalized. Well, according to these reports will be rollout this year in July under the supervision of Asad Umar.

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