FIA Issues Notice to Binance Over Multibillion Crypto Scam

The Federal Investigation Agency (FIA) has issued a notice to cryptocurrency exchange, Binance, in a multibillion rupees scam and summoned the the company’s representative as well. The action was taken after a multibillion rupees scam involving 11 Binance-linked applications.

According to the details, the Binance-linked applications were offering Pakistani investors a chance to invest in the virtual currencies in exchange for really high returns, however, these applications suddenly vanished and together with the Rs. 18 billion that said investors had put into crypto trading.

This is the first time that the Federal Investigation Agency (FIA)’s Cyber Crime Wing is engaging with Binance. The FIA has summoned a representative of Binance to appear before the authority on 10 January 2022 after the Cyber Crime Wing of the FIA received a number of complaints against the mega-scam.

The authorities say that the person who launched the applications had connections with the crypto-exchange. The FIA has reportedly issued a notice to Hamza Khan, who is the local representative of Binance. The agency has stated that it has received a number of complaints regarding the online scam from thousands of victims from across the country.

“During the inquiry, it was found that the fraudulent accounts of different applications namely, MCX, HFC, HTFOX, FXCOPY, OKMINI, BB001, AVG86C, BX66, 91fp, TASKTOK, were linked with Binance wallets,” the officials said. The people have reportedly been scammed out of millions of dollars by these applicatons.

It is pertinent to mention that State Bank of Pakistan (SBP) does not allow any individual or entity for the issuance, sale or purchase of virtual assets in Pakistan.

Previously, we reported about the HFC Pak Trading App, which scammed people out of billions of rupees. This same applications has been named among the list of Binance-linked apps by the FIA.

Read more: Online HFC Pak Trading App Scams Billions of Rupees.

Follow INCPAK on Facebook / Twitter / Instagram for updates.