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<strong>Hamza Ameer</strong></p>
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While the crypto currency is fast overlapping the global financial investments; crypto currency scams are also making full use of the lucrative offer, luring them into making online investments, only to end up being scammed.</p>
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In Pakistan, a crypto exchange company Binance Pakistan lured locals to invest in crypto currency, scamming them for a massive fraud worth $100 million. The Federal Investigation Agency (FIA) has taken note of the matter and has issued notice to Binance in relation with the scam, which has resulted in the country&#39;s largest scam through crypto currency exchange.</p>
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&quot;The organizers used crypto currency. We have launched a probe after receiving complaints regarding a fraud involving billions of rupees being committed using nine online applications&quot;, said Imran Riaz, Director FIA.</p>
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As per details, Binance, referred to as the fraudster, employed mobile apps offering locals opportunities of investment in crypto currency exchange through lucrative offers of profits on their investments.</p>
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As per estimates, people sent between $100 and $80,000, making an average of up to $2400 per person. The money was sent into the Binance wallet after investors would register themselves and transfer money to accounts linked to the application.</p>
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The fraud came to light after many investors reached out to authorities with complaints about over a dozen apps, which had stopped working suddenly.</p>
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&quot;During the inquiry, it was found that the fraudulent account of different applications, namely, MCX, HFC, HTFOX, FXCOPY, OKMINI, BB001, AVG86C, BX66, 91fp, TASKTOK, were linked with Binance wallets&quot;, officials said.</p>
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&quot;Each of the apps had at least 5,000 customers each&quot;, the officials added.</p>
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The FIA has issued a notice to a person named Hamza Khan, identified as representative of Binance in Pakistan, summoning him to appear in person on January 10, 2022.</p>
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&quot;The FIA Cyber Crime Sindh has issued order of attendance to Hamza Khan, General Manager/Growth Analyst at Binance Pakistan to explain his position on the linkage of fraudulent online investment mobile applications with Binance. A relevant questionnaire has also been sent to Binance Headquarters Cayman Islands and Binance US to explain the same&quot;, stated an FIA official.</p>
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Separately, a letter has also been dispatched to Binance Holdings Limited to give details of these block chain wallet accounts, along with an intimation to block them with immediate effect.</p>
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&quot;We have also requested supporting documentation and information about the apps&#39; integration with the coin trading platform&quot;, said FIA.</p>
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Binance is the latest unregulated virtual currency exchange, in which, Pakistanis have invested in millions. FIA has warned that non-compliance could lead to recommendation to impose financial penalties through State Bank of Pakistan (SBP).</p>
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The FIA is also sending notices to social media influencers also, who have been promoting the apps.</p>
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The trade of crypto currency remains prohibited in the country. However, even with the ban in place, reports suggest that Pakistanis have invested about $20 billion in crypto assets.</p>
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