FSC Calls Emergency Meeting With Crypto Exchanges After Binance Hack

Pakistan's burgeoning cryptocurrency market requires a formal industry body to represent investors and enhance interaction with global exchanges, according to Hinza Asif, President of Asia Web3 Alliance Japan (AWAJ). Asif emphasized this need following a $billion-plus cybersecurity breach at Binance, underscoring concerns about how Pakistani investors would be represented in the event of a security or financial crisis at a major international platform.

In her statement, Asif pointed out that the country's digital asset sector is hindered by a lack of dependable investor data and an organized platform for industry participants to coordinate or express concerns during major incidents. Ranked third in Chainalysis' 2025 Global Crypto Adoption Index, Pakistan's cryptocurrency activity is substantial, with an estimated 40 million crypto-linked accounts and digital asset exposure ranging from $10 billion to $20 billion.

However, these figures have not been independently verified to represent individual investors. Asif warned that cybersecurity breaches at major exchanges could result in financial losses, unauthorized transactions, and withdrawal disruptions, potentially eroding investor confidence. She stated that the extent of the Binance incident's impact on Pakistani investors remains uncertain and necessitates independent verification.

Asif acknowledged the government's regulatory efforts through the Pakistan Virtual Assets Regulatory Authority (PVARA) and noted that the regulator and an independent industry association would have distinct roles. While PVARA would oversee regulatory matters within its legal jurisdiction, an industry representative body could serve as a platform for fintech companies, blockchain firms, technology professionals, and investors to raise concerns and engage with policymakers.

She also advocated for a national digital finance platform backed by accurate market research, coordinated investor grievance mechanisms, cybersecurity awareness initiatives, and formal partnerships with international industry organizations. Asif emphasized that Pakistan's digital finance potential extends beyond cryptocurrency trading to encompass blockchain applications, digital payments, fintech entrepreneurship, and international investment.