Key Takeaways
- Pakistan’s Virtual Assets Regulatory Authority granted No Objection Certificates to Binance and HTX.
- This clears the way for the exchanges to begin preparatory activities.
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Pakistan’s Virtual Assets Regulatory Authority (PVARA) has issued No Objection Certificates (NOCs) to Binance and HTX, establishing a phased path toward full licensing that aligns with Financial Action Task Force standards.
Justin Sun, founder of Tron, and Changpeng Zhao, founder of Binance, attended the ceremony to celebrate the regulatory milestone for crypto exchanges in Pakistan.
According to PVARA, the NOCs were granted after a multi-agency review that assessed the exchanges’ governance, compliance systems, risk management controls, and consistency with Pakistan’s developing rules for virtual asset service providers.
Officials say Pakistan is moving toward a formal licensing regime for crypto firms to address illicit finance risks, improve regulatory oversight, and support blockchain-based financial innovation. Finance Minister Muhammad Aurangzeb said the new framework reflects Pakistan’s commitment to responsible innovation and financial discipline.
The regulator said the NOCs do not constitute full operating licenses but allow Binance and HTX to operate under defined regulatory oversight while preparing for licensing.
The approvals enable the firms to register with the Financial Monitoring Unit’s goAML anti-money laundering platform, work with the country’s securities regulator on local incorporation, and prepare VASP license applications once regulations are issued.
The move comes days after Prime Minister Shehbaz Sharif met Binance CEO Richard Teng in Islamabad to discuss digital asset regulation.
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