Today: 18 October 2025
9 January 2022
1 min read

$100 MN SCAM: Pakistan summons Binance

Last month, people from all over Pakistan launched complaints to the FIA against at least 11 mobile applications which had stopped working over a period of time and allegedly defrauded their billions of Pakistani rupees…reports Asian Lite News

 Pakistan’s Federal Investigation Agency (FIA) said that it had issued a notice to Binance, a cryptocurrency exchange, during the investigation of an alleged cryptocurrency scam involving around $100 million.

The notice called the general manager or growth analyst of Binance Pakistan to appear and explain the organization’s position on the linkage of fraudulent online investment mobile applications with the exchange, Xinhua news agency quoted a statement from FIA’s cybercrime wing as saying.

“A relevant questionnaire has also been sent to Binance Headquarters Cayman Islands and Binance US to explain the same,” it added.

Last month, people from all over Pakistan launched complaints to the FIA against at least 11 mobile applications which had stopped working over a period of time and allegedly defrauded their billions of Pakistani rupees, the FIA said.

The initial findings revealed that each such application had on average 5,000 customers with HFC, one of the applications, reportedly having a maximum of 30,000 customers, said the statement.

According to the FIA, “the reported range of investment per person was from $100 to $80,000 with an estimated average of $2,000 per person thus making estimated scam stand at nearly $100 million”.

ALSO READ: Pakistan Opposition terms Murree disaster ‘criminal negligence’

Previous Story

At least 58 people killed by armed bandits in Nigeria

Next Story

Pakistan’s ex-Navy chief sued over illegal construction

Latest from -Top News

Kerala CM, Bahrain Deputy PM discuss boosting ties

Chief Minister Pinarayi Vijayan’s Bahrain visit deepens Kerala’s engagement with the Gulf, focusing on trade, investment, and diaspora welfare as both sides reaffirm shared interests in development and cultural exchange. Kerala Chief

Kerala CM begins Gulf tour

Kerala CM Pinarayi Vijayan begins Gulf tour in Bahrain, engaging expatriate community and promoting welfare initiatives for NRKs, strengthening diaspora ties and showcasing Kerala’s development achievements….reports Asian Lite News Kerala Chief Minister

Green gold beneath the waves

Abu Dhabi, EAD and TotalEnergies launch seagrass restoration programme to protect marine biodiversity, store carbon, support dugongs, enhance fisheries, and lead global climate action initiatives….reports Asian Lite News As part of its

Microsoft joins UAE money push

The MoU sets the stage for a strategic partnership aimed at integrating AI across the UAE’s investment ecosystem….reports Asian Lite News The Ministry of Investment and Microsoft have signed a Memorandum of

EDGE unleashes cyber shield

The flagship platform, PROTECTION360, expands EDGE’s capabilities in continuous attack surface management….reports Asian Lite News EDGE, the UAE-based global advanced technology and defence conglomerate, has unveiled a suite of four cutting-edge cyber
Go toTop

Don't Miss

UK warns citizens against travelling to Pak

The advisory also mentioned Pakistan’s extreme weather conditions and its

‘UAE secretly mediates for Indo-Pak peace’

The UAE, which has historic diplomatic links with India and