As Pakistan continues to deepen its involvement in the digital asset landscape, the country has signed a memorandum of understanding (MoU) with crypto exchange Binance, aiming to explore the tokenization of up to $2 billion in sovereign bonds, treasury bills, and commodity reserves to enhance liquidity and attract foreign investors.

$2 Billion Asset Tokenization Initiative

According to Reuters, the agreement sets the stage for a potential collaboration focused on allowing the tokenization and blockchain-based distribution of various real-world assets (RWAs) held by the Pakistani government. 

These assets may include sovereign bonds, treasury bills, and a range of commodity reserves such as oil, gas, metals, and other raw materials. 

The country’s finance ministry, Muhammad Aurangzeb, indicated that while the initiative could involve assets valued at up to $2 billion, final approval is still pending. The goal is to improve liquidity, transparency, and access to international markets for these assets. 

Aurangzeb remarked that the memorandum of understanding signifies Pakistan’s commitment to a reform-oriented economic trajectory and establishes a long-term partnership with Binance.

Binance founder Changpeng Zhao expressed optimism about the agreement, calling it “a great signal for the global blockchain industry and for Pakistan.” He suggested that this partnership marks the beginning of a significant shift toward fully implementing the tokenisation initiative.

PVARA Provides Initial Clearance For Binance And HTX 

In addition to this MoU, Pakistan has granted initial clearance for Binance and cryptocurrency exchange HTX, to register with local regulators as part of their efforts to establish domestic subsidiaries. This step allows both companies to prepare applications for full exchange licenses. 

The Pakistan Virtual Assets Regulatory Authority (PVARA) provided these early approvals after assessing the governance and compliance frameworks of both platforms.

Chairman Bilal bin Saqib indicated that these clearances initiate Pakistan’s phased licensing process, emphasizing that the strength of compliance will play a crucial role in determining which exchanges will proceed. 

This move comes as Pakistan accelerates its digital finance overhaul, which has included the formation of the Pakistan Crypto Council and the establishment of the PVARA, alongside the drafting of a formal licensing regime.

As Bitcoinist reported at the time, Pakistan’s growing involvement in digital assets drew the attention of industry leaders such as Michael Saylor, co-founder of the Bitcoin proxy firm Strategy, who praised the country’s efforts and described it as a sign that the country understands how to handle this new market. 

Notably, Pakistan ranks as the world’s third-largest cryptocurrency market by retail activity, according to Saqib. The government is also planning a pilot program for a central bank digital currency (CBDC) and a comprehensive Virtual Assets Act.

At the time of writing, the exchange’s native cryptocurrency, Binance Coin (BNB), is trading at $878, down 35% from all-time highs just above $1,369.

Featured image from DALL-E, chart from TradingView.com

Binance has achieved a major regulatory milestone in Pakistan, advancing its efforts to establish a fully compliant and secure foothold in the country. According to the announcement, the exchange secured an Anti-Money Laundering (AML) registration under the Pakistan Virtual Assets Regulatory Authority (PVARA) framework.

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Binance (BNB), the world’s largest cryptocurrency exchange, has initiated an investigation following allegations of insider trading involving one of its employees. 

Binance Uncovers Alleged Misuse Of Insider Information

On December 7, Binance’s internal audit team received a report claiming that an employee had exploited insider information to make posts on official social media, thereby gaining personal profits. 

In a recent communication shared on the social media platform X (previously known as Twitter), Binance outlined the immediate steps taken in response to these allegations.

The preliminary findings of the investigation revealed that the employee in question had connections to a token that was issued on-chain on December 7. Less than a minute later, they allegedly used details, including text and images relating to this token, in a tweet published by the Binance Futures account. The exchange noted:

These actions constitute abuse of their position for personal gain and violate our policies and code of professional conduct.

Whistleblower Bounty Of $100,000 Announced

In light of these findings, the employee whose name was not disclosed in the information provided by the exchange has been suspended immediately pending further disciplinary action. 

Furthermore, Binance has communicated its intent to engage with relevant authorities in the employee’s jurisdiction, pledging full cooperation and pursuing appropriate legal action in line with applicable laws.

While emphasizing its commitment to transparency, fairness, and user welfare, the exchange has also announced a total bounty reward of $100,000, which will be equally distributed among the earliest valid whistleblowers. 

The exchange’s native token, Binance Coin (BNB), is trading at $896.50 when writing. This means BNB is down over 34% from the all-time high of $1,369 reached earlier this year. 

Featured image from DALL-E, chart from TradingView.com 

Leading crypto exchange Binance has suspended an employee accused of using insider information to post on its official X handle for personal gain. The exchange's internal audit team received a report on December 7 alleging that an employee linked to a certain token used the official Binance handle to post a promotional tweet with its image and text.

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