According to reports, Pakistani Bank Alfalah has begun issuing SMS notifications to its customers, advising them to avoid conducting cryptocurrency transactions using its banking channels.
Bank Alfalah, founded in 1992, is one of Pakistan’s largest private banks, with over 800 ATMs and branches in over 200 towns across the nation. The Abu Dhabi Group owns and operates the bank, which has a presence in Bangladesh, Afghanistan, Bahrain, and the United Arab Emirates.
Reports of Bank Alfalah sending cryptocurrency transaction alerts to consumers occurred less than a day after the State Bank of Pakistan (SBP) filed a crypto report with the Sindh High Court (SHC). The central bank advises that cryptocurrencies be deemed unlawful and entirely prohibited. The SHC then instructed the law and finance ministries to evaluate the SBP report and make a decision on the legal framework of cryptocurrency.
The Pakistan Federal Investigation Agency (FIA) has issued a warning to Binance in relation to a huge scheme involving over $100 million in suspected theft from Pakistani investors. The federal watchdog also recently confiscated the bank accounts of 1,064 people who had transacted on cryptocurrency exchanges such as Binance, Coinbase, and Coinmama.
Furthermore, Propakistani reported last week that various banks have stopped credit card transactions from clients suspected of using cryptocurrencies. Some banks also blocked the accounts of consumers who bought and sold cryptocurrency on the Binance P2P marketplace.
