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Pakistani Bank Alfalah Warns Customers Against Crypto -Breaking

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Pakistani Bank Alfalah Warns Customers Against Crypto
  • Bank Alfalah, a Pakistani bank, urged customers not to use cryptocurrency.
  • The action came soon after the country’s central bank submitted a report to the Sindh High Court pushing for a complete ban of cryptocurrencies.
  • Multiple banks have blocked customers’ credit cards suspected of using cryptocurrency.

Bank Alfalah in Pakistan has banned cryptocurrency transactions on behalf of its customers. Customers are being warned by the bank via SMS that they cannot use cryptocurrency through its banks channels.

Various media outlets reported the bank’s SMS to customers:

Dear Customer, Virtual currencies/coins/tokens, etc. They are not legal tender. Please avoid such transactions through any channels pertaining to Bank Alfalah.

Recently, the State Bank of Pakistan (SBP), the country’s central bank, has submitted a crypto report to the Sindh High Court (SHC), the country’s supreme judiciary. Numerous reports claim that Bank Alfalah started to send SMSs shortly thereafter.

It was recommended by the central bank that all cryptocurrencies are declared illegal and prohibited. The SHC then directed law-to finance ministries to examine the SBP report to create a legal framework for cryptocurrency.

Recently, a huge scam was also reported that robbed over $100 millions from Pakistani investors. Accordingly, Binance was recently notified by the Pakistan Federal Investigation Authority. Customers involved in cryptocurrency transactions on exchanges such as Coinbase (NASDAQ), Binance and Coinmama were also frozen by the authority.

ProPakistani (an online blog) reported that several banks have stopped credit card transactions for customers due to possible cryptocurrency transactions. Moreover, other banks in the country have also frozen the customers’ accounts that had been using the Binance P2P marketplace.

Bank Alfalah, which was established in 1992 with more than 200 locations across Pakistan, was founded. The bank is one of Pakistan’s largest private banks. Abu Dhabi Group is the owner and operator of this bank. They also have a presence worldwide in Afghanistan, Bangladesh, Bahrain and Bangladesh.

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