TL;DR
- Pakistan grants preliminary approval to Binance and HTX to establish regulated local subsidiaries.
- This phased approach aims to align with FATF standards for anti-money laundering and compliance.
- Officials met with exchange leaders to outline regulatory expectations and operational standards.
Pakistan takes a concrete step toward formal oversight of digital-asset platforms after regulators grant preliminary clearance to Binance and HTX to establish local subsidiaries. The decision allows both exchanges to begin the process of registration and licensing under the country’s developing regulatory structure.
The Pakistan Virtual Assets Regulatory Authority (PVARA) issued no-objection certificates (NOCs) to both firms, enabling engagement with domestic regulators while final rules take shape. Authorities frame the move as part of a phased approach designed to align crypto oversight with international anti-money-laundering and counter-terrorism financing standards set by the Financial Action Task Force (FATF).
Pakistan takes a decisive step toward a regulated digital asset future.
Pakistan Virtual Assets Regulatory Authority (PVARA) has issued NOCs to Binance and HTX, launching a phased, FATF-aligned pathway toward full licensing. Strong governance, AML and CFT compliance remain… pic.twitter.com/jSk6JTqvFt
— Pakistan Virtual Assets Regulatory Authority (@PakistanVARA) December 12, 2025
Regulatory structure emphasizes compliance and governance
PVARA stated that governance standards and financial controls remain central as Pakistan builds formal rules for crypto service providers. The NOC framework allows global platforms to prepare local operations while authorities finalize licensing requirements.
Pakistan’s Finance Minister Muhammad Aurangzeb described the initiative as a sign of financial discipline and regulatory clarity. He said the structured process supports controlled market entry while preserving oversight.
Following the clearance, both exchanges gained authorization to coordinate with the Securities and Exchange Commission of Pakistan (SECP), form local entities, and assemble full license applications once regulations receive final approval.
Industry leaders engage with government officials
As part of early coordination, Aurangzeb met with Binance CEO Richard Teng, Binance co-founder Changpeng “CZ” Zhao, and Tron founder Justin Sun, who currently advises HTX at a global level. The meetings focused on regulatory expectations, operational standards, and alignment with national financial policy.
Teng described the clearance as a meaningful step for Binance’s presence in Pakistan. He confirmed that the exchange secured AML registration with PVARA, which places the platform closer to full authorization and broader local cooperation.
Pakistan positions digital assets as financial infrastructure
The regulatory effort received support from the Pakistan Crypto Council (PCC), a public-sector advisory body that includes CZ among its advisers. Officials involved in the process argue that digital assets can support long-term financial inclusion when paired with proper oversight.
PVARA Chairman Saqib, who also serves as minister of state for digital assets, has publicly urged authorities to treat Bitcoin and blockchain as financial infrastructure rather than speculative instruments. Speaking at the Bitcoin MENA Conference, he said digital assets offer foundational tools for new payment rails across emerging economies.
