Crypto | Pakistan

A LOT of money could be moving around unchecked. According to Chainalysis’s 2025 Global Adoption Index, Pakistan ranks third globally in crypto adoption, with most activity driven by small investors. Likewise, a 2020-21 report by the FPCCI estimated that Pakistanis collectively held around $20bn in cryptocurrencies. Research indicates that outside of Binance, a popular crypto exchange platform, much of the trading in cryptocurrencies occurs on local peer-to-peer platforms. These platforms enable direct transactions without Know-Your-Customer checks, allowing significant sums to move across borders with no oversight. The situation should trigger concern. The chairman of the Exchange Companies Association of Pakistan recently warned that people are buying dollars from foreign exchange companies and using them to purchase crypto. This, he believes, has resulted in roughly $600m ‘disappearing’ from the formal system. If true, it could get Pakistan into trouble with the FATF yet again. Crypto can create openings f...